WorksheetsFactors of Production
Total questions: 22
Worksheet time: 11mins
What are the resources called that are needed to produce a good or service?
Goods and services.
Needs and wants.
Factors of production.
All of the above.
How many factors of production are needed to produce a good or service?
2
3
6
8
What are natural resources?
Animals
Things from nature (not man-made)
Tree
All of the above
What is labor?
Hard Work
People who only do the physical work.
People who do the work to produce something.
None of the above.
What could be an example of capital?
Buildings
Machines
Money
All of the above
What is entrepreneurship?
Shipping of products and services.
Starting or improving a business.
Improving needs and wants.
All of the above.
__________ It only takes one factor of production to make a good or service.
True
False
__________ An example of a natural resource is a cell phone.
True
False
__________ The entrepreneur combines natural resources, labor, and capital to produce a good or service.
True
False
Which one of the three factors of production does the image show?
Entrepreneur
Capital
Natural Resources or Land
Labor
Which one of the Three factors of production does the picture show?
Natural Resources
Labor
Capital
Land
Which one of the three factors of production does the picture show?
Labor
Natural Resources
Capital
Land
If a country is lacking water and arable land, this is a problem with
Capital Goods
Human Capital
Natural Resources
Entrepreneurship
A herd of cattle is an example of ...
Natural Resources
Labor
Entrepreneur
Capital
What are the resources called that are needed to produce a good or service?
Goods and services.
Needs and wants.
Factors of production.
All of the above.
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
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.
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.
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.
Capital is a factor of production that refers to any human-made resource that is used to produce other goods and services.
True
False
