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1.5 Factors of Production

Total questions: 40

Worksheet time: 23mins

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.
The human effort involved in the production of goods and services is known as:
a)
Capital
b)
Entrepreneurship
c)
Labor
d)
Land
3.
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
4.
Any technology/machinery involved in the production process:
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
5.
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
6.
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
7.
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
8.

WHAT ARE THE 4 FACTORS OF PRODUCTION?

a)

Land, Capital, Need & Want

b)

Land, Labor, Capital, Entrepreneurs

c)

Water, Air, Food & Shelter

d)

Land, Capital, Good & Service

9.

_______________ IS KNOWN AS THE NATURAL RESOURCES USED TO PRODUCE GOODS AND SERVICES

a)

Entrepreneurs

b)

Capital

c)

Labor

d)

Land

10.

_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.

a)

Entrepreneurs

b)

Capital

c)

Labor

d)

Land

11.

AN ENTREPRENEUR IS A PERSON WHO _______________.

a)

owns their own business

b)

uses goods and services to produce labor, land, and capital.

c)

use land, labor, and capital to produce good and services.

d)

loves nature and runs a business

12.

Which of the factors of production is this?

a)

capital

b)

entrepreneur

c)

land

d)

labor

13.

Which one of the factors of production is this?

a)

capital

b)

entrepreneur

c)

land

d)

labor

14.

Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?

a)

capital

b)

entrepreneur

c)

land

d)

labor

15.

Which factor of production is this?

a)

capital

b)

entrepreneur

c)

land

d)

labor

16.

This factor involves money, equipment, and tools and any items to produce goods and services?

a)

capital

b)

entrepreneur

c)

land

d)

labor

17.
A garbage truck driver is an example of which Factor of Production?
a)
labor
b)
land
c)
entrepreneurship
d)
capital
18.

Iron Ore

a)

Land

b)

Labor

c)

Physical capital

d)

Human capital

e)

Entrepreneuership

19.

Machinery

a)

Land

b)

Labor

c)

Physical capital

d)

Human capital

e)

Entrepreneurship

20.

Identify the correct factor of production.

Skilled people working in a lawyers firm will be seen as?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

21.

Identify the correct factor of production.

Individuals with great ideas and willing to take risks.

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

22.

Land / Natural resources will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

23.

Capital will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

24.

Entrepreneurship will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

25.

Labour will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

26.

Land includes...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

the tools, equipment, and factories used in production of goods and services

c)

people with all their efforts and abilities

d)

individuals who start a new business or bring a product to market.

27.

Capital refers to...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

people with all their efforts and abilities

c)

the tools, equipment, and factories used in production of goods and services

d)

individuals who start a new business or bring a product to market.

28.

Labor refers to...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

the tools, equipment, and factories used in production of goods and services.

d)

The "gifts of nature" or natural resources not created by human effort.

29.

Entrepreneurs are...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

30.
Forests are examples of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
31.
A bulldozer is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
32.
A steel factory is an example of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
33.

Bill Gates is an example of...

a)

Land

b)

Labor

c)

An Entrepreneurs

d)

Capital

34.
Which factor of production would you consider a cow?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
35.
What part of the picture is the natural resource?
a)
rope
b)
rock mountain
c)
rock climber
36.
What kind of resource is this?
a)
natural and capital resource
b)
natural resource
c)
capital resource
d)
human resource
37.
What is this resource?
a)
human resource
b)
capital resource
c)
natural resource
d)
human and capital resource
38.

Cashiers at Nabil Bank are examples of ….

a)

Natural Resources

b)

Labor

c)

Entrepreneurs

d)

Capital

39.

Which factor of production does this picture show?

a)

Natural resources

b)

Labor

c)

Capital

d)

Entrepreneurs

40.

Which factor of production does this picture show?

a)

Natural resources

b)

Labor

c)

Capital

d)

Entrepreneurs

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