Introduction to Factors of Production

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Land, Capital, Need & Want

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Good & Service

WHAT IS LABOR?

• work people do for pay to produce good and services

• actions people do for other people

• any physical object

• The money people get for inheritance

_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

• Entrepreneurs

• Capital

• Labor

• Land

_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.

• Entrepreneurs

• Capital

• Labor

• Land

AN ENTREPRENEUR IS A PERSON WHO _______________.

• owns their own business

• uses goods and services to produce labor, land, and capital.

• use land, labor, and capital to produce good and services.

• loves nature and runs a business

Which of the factors of production is this?

• capital

• entrepreneur

• land

• labor

Which one of the factors of production is this?

• capital

• entrepreneur

• land

• labor

Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?

• capital

• entrepreneur

• land

• labor

Which factor of production is this?

• capital

• entrepreneur

• land

• labor

This factor involves money, equipment, and tools and any items to produce goods and services?

• capital

• entrepreneur

• land

• labor