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WorksheetsFactors of Production
Total questions: 10
Worksheet time: 20mins
Name
Class
Date
1.
The creation of any kind of good or service is known as:
a)
Input
b)
Resources
c)
Production
d)
Entrepreneurship
2.
All of the things necessary for production are known as:
a)
Production
b)
Entrepreneurship
c)
Outputs
d)
Resources
3.
The human effort involved in the production of goods and services is known as:
a)
Capital
b)
Entrepreneurship
c)
Labor
d)
Land
4.
The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
5.
All natural resources that go into the production of a good or service:
a)
Capital
b)
Entrepreneurship
c)
Land
d)
Labor
6.
Anything within the production process, whether human or technological, that makes production more efficient
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
7.
Any technology/machinery involved in the production process:
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
8.
Money used to re-invest in a firm and further its business objectives
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
9.
An individual's knowledge or skills that make production of a good/service more efficient
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
10.
In a competitive economy, which firms will have the most access to the factors of production (productive resources)?
a)
The firms that are most successful in meeting consumer demand
b)
The firms that are least successful in meeting consumer demand
c)
The firms that have the most production experience
d)
The firms that offer the greatest variety of goods/services
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