Factors of Production

Natural resources, labor, capital, and entrepreneurs shape the economies of different countries by:

• influencing the production and distribution of goods and services

• ensuring all countries have the same economic output

• eliminating the need for international trade

• making every country equally wealthy

Which of the following is an example of a natural resource used in the production of an iPhone?

• Workers

• Metal & glass

• Tools & machines

• Business owners

Fill in the blank: The people who work to produce the iPhone are called _______.

• Workers

• Customers

• Shoppers

• Managers

Which factor of production is represented by 'Tools & machines' in the making of an iPhone?

• Labor

• Capital

• Entrepreneurs

• Natural Resources

Match the following factors of production with their examples for the iPhone:

• Workers

• Natural Resources

• Metal & glass

• Labor

• Business owners

• Capital

• Tools & machines

• Entrepreneurs

Natural resources, labor, capital, and entrepreneurs all work together to produce something we use every day, like a backpack, by:

• Combining materials, workers, tools, and ideas to create products

• Using only natural resources to make products

• Relying solely on entrepreneurs to make products

• Producing goods without the need for labor or capital

Natural Resources: Identify which of the following comes from plants, animals, or the earth.

• Wood comes from plants, wool comes from animals, and coal comes from the earth.

• Plastic comes from animals, glass comes from plants, and gold comes from animals.

• Wool comes from plants, wood comes from animals, and coal comes from plants.

• Coal comes from animals, wood comes from the earth, and wool comes from the earth.

Labor: The people who help design, sew, or put the backpack together are called:

• Engineers

• Laborers

• Managers

• Suppliers

Labor: People have to do which kind of work to make backpacks?

• Sewing and assembling materials

• Planting crops

• Painting boxes

• Cooking meals

Capital: The following tools or machines are needed to make a backpack:

• Sewing machine

• Microscope

• Lathe machine

• 3D printer