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Factors of Production KA

Total questions: 28

Worksheet time: 7hrs 0mins

Name
Class
Date
1.

How many factors of production do we have?

a)

1

b)

4

c)

2

d)

3

2.

Gold and oil can be seen as:

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

3.

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

4.

Identify the correct factor of production.

Individuals with great ideas and willing to take risks.

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

5.

Identify the correct factor of production.

Machinery and factories are?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

6.

Identify the correct factor of production.

Water, wood and fish are?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

7.

Identify the correct factor of production.

Any person working will be seen as?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

8.

When we look at tools and money invested in a business, it can be classified as which factor of production?

a)

Natural resources

b)

Labour

c)

Capital

d)

Entrepreneurship

9.

Land / Natural resources will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

10.

Capital will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

11.

Entrepreneurship will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

12.

Labour will earn?

a)

Profit

b)

Wages

c)

Rent

d)

Interest

13.

Timber is an example of...

a)

Land

b)

Labor

c)

Entrepreneurs

d)

Capital

14.

A bulldozer is an example of...

a)

Land

b)

Labor

c)

Entrepreneurs

d)

Capital

15.

Your electrician is an example of

a)

Land

b)

Labor

c)

Entrepreneurs

d)

Capital

16.

Your veterinarian is an example of...

a)

Land

b)

Labor

c)

Entrepreneurs

d)

Capital

17.

Bill Gates is an example of...

a)

Land

b)

Labor

c)

An Entrepreneur

d)

Capital

18.

Which factor of production would you consider a cow?

a)

Land

b)

Labor

c)

Capital

d)

Entrepreneur

19.

Which factor of production does this picture show?

a)

Natural resources

b)

Labor

c)

Capital

d)

Entrepreneurs

20.

Which factor of production does this picture show?

a)

Natural resources

b)

Labor

c)

Capital

d)

Entrepreneurs

21.

How many factors of production are needed to produce a good or service?

a)

2

b)

4

c)

6

d)

8

22.

What is labor?

a)

Hard Work

b)

People who only do the physical work.

c)

People who do the work to produce something.

d)

None of the above.

23.

What is entrepreneurship?

a)

Shipping of products and services.

b)

Starting or improving a business.

c)

Improving needs and wants.

d)

All of the above.

24.

__________ An example of a natural resource is a cell phone.

a)

True

b)

False

25.

__________ The entrepreneur combines natural resources, labor, and capital to produce a good or service.

a)

True

b)

False

26.

Which one of the four factors of production does the picture show?

a)

Natural Resources

b)

Labor

c)

Capital

d)

Entrepreneur

27.

If a country is lacking water and arable land, this is a problem with

a)

Capital Goods

b)

Human Capital

c)

Natural Resources

d)

Entrepreneurship

28.

A herd of cattle is an example of ...

a)

Natural Resources

b)

Labor

c)

Entrepreneur

d)

Capital