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Four Factors of Production Flashcards | StudBud
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Four Factors of Production
Four Factors of Production
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Questions
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Answers
1
A schoolbus
Land
Labor
Capital
Entrepreneurialism
2
Bill Gates, Founder of Microsoft Computers
Labor
Land
Capital
Entrepreneurs
3
Why is it impossible to meet the needs of everyone, at 100% efficiency?
Capital is scarce.
Labor is scarce.
Land is scarce.
All Factors of Production are scarce.
4
Uncut timber
Labor
Entrepreneurialism
Land
Capital
5
Railroads
Capital
Entrepreneurialism
Labor
Land
6
Gold ore
Capital
Land
Labor
Entrepreneurialism
7
In Economics, what elements are required to produce
every
Economic good?
Land
Land, Labor
Land, Labor, Capital
Land, Labor, Capital, Entrepreneurship
8
Roger has a forklift. In Economics, the forklift is actually which of the following?
Physical capitol
Labor
Physical capital
Human capital
9
Cashiers
Capital
Land
Labor
Entrepreneurialism
10
The education that a doctor has received, in Economics, is called which of the following?
Labor
Human Capital
Entrepreneurialism
Physical Capital
11
Doctors
Capital
Labor
Entrepreneurialism
Land
12
Which of the following would NOT be considered a form of economic capital?
Trained workers
A truck
A hammer
A rock
13
The Internet
Entrepreneurialism
Land
Labor
Capital
14
Oil wells
Land
Entrepreneurialism
Capital
Labor
15
Your teacher
Skilled Labor
Capital
Unskilled Labor
Entrepreneurialism
