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Factors of Production Econ. Review Flashcards | StudBud
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Factors of Production Econ. Review
Factors of Production Econ. Review
20 terms
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StudBud Administration
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318 plays
Economics and factors of production
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
John opened his own bakery in town. Which factor of production does John represent?
capital
entrepreneur
land
labor
2
People who buy goods/services
entrepreneur
producer
consumer
labor
3
Economics is the study of:
landforms
the customs and traditions of a society
how people use resources to meet their needs
the religious beliefs of a group of people
4
John collects $5 from each consumer for buying his cupcakes. The money is his...
expenses
good
labor
income
5
John sells 2 cakes to consumers each for $10. Each cake cost $3 in expenses. How much money does he have left over?
he has a loss
$20
$14
$6
6
The 4 factories of production include....
entrepreneur, president, business, loss
capital, entrepreneur, land, labor
natural resource, capital, entrepreneur, labor
land, natural resource, machines, entrepreneur
7
The FLOUR used to make cakes is an example of:
labor
entrepreneur
land
capital
8
The person who owns and runs the pencil factory is an example of:
entrepreneur
land
capital
labor
9
The person who drives the forklift...
land
capital
entrepreneur
labor
10
John spend $6 to make a cupcake and sold it for $3. He has a...
profit
loss
11
A carpenter's hammer is an example of:
entrepreneurship
land
capital
labor
12
Which is
NOT
an example of labor?
a policeman
a forest
a cashier
a lumberjack
13
The glue used to attach the eraser to a pencil is an example of:
land
capital
labor
entrepreneur
14
McDonalds competes with Imagination Station
True
False
15
An entrepreneur should charge more money for a good/service than they spend on producing the good/service
False
True
16
A car, a CD, and a bike are all:
goods
natural resources
services
consumers
17
John made 2 cakes that didn't get bought by consumers. Each cost $5 to make. How much money did he lose?
he broke even
$10
he has a profit
$5
18
The yellow paint on a pencil is an example of:
labor
capital
land
entrepreneur
19
Kroger and Meijer are competitors
False
True
20
A bus driver, a teacher, and a police officer are all examples of people whose job involves:
making an investment
selling an item
running a business
providing a service
