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WorksheetsFactors of production
Total questions: 11
Worksheet time: 6mins
What does the term 'factors of production' refer to according to economists?
A) Economic resources
B) Finished goods
C) Money
D) Air
Fill in the blank: Factors of production, used correctly, bring about an economic ______.
output
decline
disaster
recession
True or False: All necessary inputs are considered factors of production.
True
False
According to the passage, why is air usually not considered a factor of production?
It is not needed for production
It is usually available in unlimited amounts and is free to use
It is too expensive
It is a finished product
What is the cost of an economic resource? Fill in the blank: The cost of an economic resource is that when we are using it to produce something, we cannot use it to produce _________.
something else
more of the same thing
at a lower cost
faster than before
According to the passage, what are the three main factors of production?
Land, labor, and capital
Money, machines, and management
Water, air, and sunlight
Technology, transport, and trade
Which of the following best describes 'land' as a factor of production?
A) Human effort
B) Produced instruments of production
C) Resources whose supply is low in relation to demand
D) Payment for work
Fill in the blank: The owners of land can receive income known as ________.
economic rent
wages
interest
profit
What does the factor of labor refer to?
Human effort
Natural resources
Machinery
Capital investment
What is the usual form of payment for the factor of labor?
Wage or salary
Rent
Interest
Profit
What makes a strong economy according to economists?
A strong economy is the same as strong output.
A strong economy is determined by the number of banks.
A strong economy is based on the amount of gold reserves.
A strong economy is measured by the population size.
