What are the basic resources used to produce goods and services in an economy?

• Consumer goods

• Factors of production

• Economic indicators

• Market demands

Which of the following is NOT one of the four main categories of factors of production?

• Land

• Labor

• Money

• Capital

In economics, what does "land" refer to as a factor of production?

• Only the ground used for farming.

• Any natural resource used to produce goods and services.

• Buildings and factories.

• Money used to buy property.

Which of these is an example of a natural resource considered "land" in economics?

• A computer

• A factory building

• Oil

• A delivery van

What is the income earned by owners of land resources called?

• Wages

• Profit

• Interest

• Rent

What is "labor" defined as in the context of factors of production?

• The money used to pay workers.

• The effort people contribute to producing goods and services.

• The machinery used in factories.

• The natural resources found on Earth.

Which of the following is an example of labor as a factor of production?

• A forest

• A forklift

• A pilot flying an airplane

• A new invention

What is the income earned from labor resources called?

• Rent

• Interest

• Wages

• Profit

What does "capital" refer to as a factor of production?

• Money used for investments.

• Natural resources like oil and gas.

• The effort of workers.

• Machinery, tools, and buildings used to produce goods and services.

Which of these is an example of capital?

• A teacher's knowledge

• A computer

• A farmer's land

• A chef's cooking skills