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Factors of Production Review Fall 2022 Flashcards | StudBud
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Factors of Production Review Fall 2022
Factors of Production Review Fall 2022
35 terms
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StudBud Administration
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review of factors of production
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
Which of the following is a land resource?
a computer programmer
a computer
silicon (sand) used to make computer chips
a piece of software used by a firm
2
What is (are) the criteria for something to be considered capital?
Must be produced
Must be produced & used to produce other Goods or Services
Is used to produce other goods and services
Is made by labor
3
What is this factor of production?
Capital
Land
Labor
Entrepreneurship
4
What is this factor of production?
Entrepreneurship
Labor
Capital
Land
5
What is this factor of production?
Land
Labor
Capital
Entreprenuership
6
What are the three questions that all economies must answer in order to deal with the problem of scarcity?
What To Produce, How to Produce?, and How Much to Make?
How Much to make?, How to Produce?, and Who makes the stuff?
What To Produce, How to Produce?, and For Whom?
7
What is this factor of production?
Land
Entreprenuership
Labor
Capital
8
What is the man-made resource, includes machines, tools, used to produce goods and services?
Capital
Land
Human Capital
Financial Capital
9
Salt bought by the producer of Oreo cookies is an example of a(n)
consumer good
capital good
intermediate good
10
What is factor income?
Incomes that the four factors of production give us.
Income a business receives
Income an entrepreneur makes
11
What is the natural resource that includes all of nature?
Land
Capital
Entrepreneurship
Labor
12
Money
is not an
economic resourc
e because
idle money balances do not earn interest income.
money is not a free gift of nature.
money, as such, is not productive.
the terms of trade can be determined in nonmonetary terms.
13
Sugar bought by a
consumer
to make cookies is an example of a(n)
final good
capital good
intermediate good
14
What is the key characteristic of an entrepreneur in the US capitalist economy?
Innovator
Risk Taker
Organizer
Strategists
15
The education and training of workers is known as ...
Human Capital
Labor
Entrepreneurship
Physical Capital
16
What is this factor of production?
Capital
Entrepreneurship
Land
Labor
17
What are outputs?
Goods and Services produced by an economy
Resources used to produce goods and services
Factors of production
18
True of False: All four factors of production are scarce
True
False
19
What is this factor of production?
Land
Capital
Labor
Entrepreneurship
20
What are the
four factors
of production?
labor, capital, technology, and entrepreneurial ability
land, labor, capital, and entrepreneurship
land, labor, capital, and money
labor, capital, entrepreneurial ability, and money
21
What is the human resource that includes all productive contributions made by people who work?
Labor
Physical Capital
Entrepreneurship
Capital
22
What is this factor of production?
Entreprenuership
Labor
Land
Capital
23
Which of the following is a labor resource?
a piece of software used by a firm
silicon (sand) used to make computer chips
a computer
a computer programmer
24
Which of the following is a
capital
resource?
a piece of software used by a firm
a corporate bond issued by a computer manufacturer
a computer programmer
silicon (sand) used to make computer chips
25
What is the act of
combining land, labor, and capital
resources in a productive way?
Labor
Physical Capital
Entrepreneurship
Capital
26
What is this factor of production?
Capital
Land
Labor
Entrepreneurship
27
What are inputs?
D. A & B
A. same as factors of production
C. The goods and services produced
B. resources used to produce goods and services
28
What is this factor of production?
Labor
Capital
Land
Entrepreneurship
29
What is this factor of production?
Entreprenuership
Capital
Labor
Land
30
A system used to manage limited resources for the production, distribution, and consumption of goods and services.
Country
Economy
Market
31
What is this factor of production?
Capital
Land
Labor
Entreprenuership
32
What is an intermediate good?
They are services
They are capital goods
They are consumer goods
They are goods, used as inputs in the produce other goods and services
33
What is this factor of production?
Labor
Capital
Entrepreneurship
Land
34
What is this factor of production?
Entrepreneurship
Capital
Labor
Land
35
What is this factor of production?
Entrepreneurship
Labor
Land
Capital
