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Factors of Production Flashcards | StudBud
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Factors of Production
What are natural resources?
What is entrepreneurship?
Factors of Production
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Questions
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Answers
1
What is entrepreneurship?
shipping products and services
improving needs and wants
All of the above
starting or improving a business
2
What are natural resources?
animals
trees
All of the above
things from nature, not man-made
3
What are the resources called that are needed to produce a good or service?
All of the above
factors of production
needs and wants
goods and services
4
How many factors of production are needed to produce a good or a service?
2
5
4
6
5
It only takes one factor of production to make a good or a service.
False
True
6
What is labor?
people that do the work to produce something
hard work
people that only do the physical work
none of the above
7
An example of a natural resources is cell phone.
True
False
8
The entrepreneur combines natural resources, labor, and capital to produce a good or a service.
False
True
9
What could be an example of capital?
buildings
machines
All of the above
car
10
The creation of all goods and services are made from different resources.
False
True
