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WorksheetsFactors of Production
Total questions: 25
Worksheet time: 13mins
Land includes...
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
Bill Gates is an example of...
Land (seriously though, come on)
Labor
An Entrepreneurs
Capital
What are the three essential questions economics must answer to address scarcity?
CHECK ALL THAT APPLY
HOW to produce
FOR WHOM to produce
WHAT to produce
WHEN to produce
WHY to produce
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
_______________ 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 one of the factors 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
Iron Ore
Land
Labor
Physical capital
Human capital
Entrepreneuership
Creativity
Land
Labor
Physical capital
Human capital
Entrepreneurship
