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Factors of production Flashcards | StudBud
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Factors of production
Factors of production
15 terms
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StudBud Administration
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65 plays
Formative assessment of the Factors of production.
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
A loan from a bank to start a business is what type of capital?
Borrowed capital
physical capital
working capital
Own Capital
2
A teacher is an example of semi-skilled labour
False
True
3
Labour is...
Only the mental effort required to produce goods and services
Only the physical effort required to produce goods and services
Working hard
The mental and physical effort used to produce goods and services
4
The provision of labour depends on the level of education and training
False
True
5
Which below is not a natural resource.
coal
Water
Land
capital
6
Non-renewable resources are replaceable for example precious stones and metals.
False
True
7
Which of the options below can be used to produce goods and services
All of the above
Labour
Natural resources
Capital
8
An important characteristic of an entrepreneur is
Risk-taking
Fancy holidays
waking up late, sleeping early
Being chill
9
The remuneration for Labour is...
Holidays
Interest
Salary
Rent
10
The remuneration for entrepreneurship is a salary
False
True
11
Which Act seeks to eliminate unfair discrimination in the work place?
The employment equity act
The labour relations act
The basic conditions of employment act
Unfair practices Act
12
The remuneration for capital is
machine breakage
sweat
Interest
Rent
13
Renewable resources are finite and are limited to what exists. For example, fishes, trees and crops.
False
True
14
The two sources of funding a business uses to acquire assets are owners equity and liabilities.
True
False
15
Unskilled labour requires specialised skills, knowledge and training.
False
True
