Factors of Production

Petroleum is an example of...

• Land
• Labor
• Entrepreneurs
• Capital

A herd of cattle is an example of ...

• Land
• Labor
• Entrepreneur
• Capital

A command economy is best defined as an economic system where

• a central authority, such as the government, makes major economic decisions

• supply, demand, and the price system help people make economic decisions

• private citizens own and use the factors of production in order to generate profits.

• there is some combination of traditional, command, and market activities.

A new factory that will increase production would be considered ...

• Land
• Labor
• Entrepreneurs
• Capital

A product or service is scarce when

• The amount available is not enough to meet the demands of society

• The amount available can satisfy the demands of society

• Its price far exceeds the value of the item.

• One company is responsible for producing the product.

The Chromebooks you are using are examples of

• Capital

• Labor
• Entrepreneurs
• Land

A market economy is best defined as a system in which

• a central authority that makes major economic decisions

• supply, demand, and the price system help people make economic decisions

• private citizens own and use the factors of production in order to generate profits.

• there is a combination of traditional, command, and market activities.

When talking about the Factors of Production, in Land includes...

• Any natural resources not created by human effort.

• Factories, tools and equipment used in production of goods and services

• People who work on the land, with all their efforts and abilities

• Individuals who start a new business or bring a product to market.

A person who combines land, labor and capital in order to produce a good and bring it to market is called...

• President

• CEO

• Entrepreneur

• Manager

Capital refers to...

• Natural resources not created by human effort.

• People using their efforts and abilities to make products

• Tools, equipment, and factories used in production of goods and services

• Individuals who start a new business or bring a product to market.