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Factors of Production Flashcards | StudBud
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Factors of Production
Factors of Production
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1
Resources that are found in nature and used in the production of goods and services.
capital resources
Land Resources
natural resources
human resources
2
One of the factors of production enterprenurer can be defined as
Starting a plan
Starting a plan
Starting thier own business
Starting a profile
3
What is 'economics'?
the four factors of production
it is the production possibilities frontier
the study of how scarce resources are allocated
man made goods that allow another good or service to occur
4
Goods such as machines and tools, used in the production of other goods and services
natural resources
human resources
capital resource
entrepreneurship
5
Land ,labor,capital and entrepreneurship are factors of Production
True
False
6
A cell phone would be considered a..
need
want
7
Nike just released a new idea for a shoe that ties itself. What factor is this?
land
capital
labor
enterpreneurship
8
What factor of production do you see in picture?
Capital
Labor
Entrepreneur
All of the above
9
examples of entrepreneurship
Oil
animals
Water
Bill Gates
10
For something to be SCARCE, it must be
Wanted and Limited
Needed or Wanted
Needed and Unlimited
A temporary shortage
11
What factor of production do you see in picture?
Entrepreneur
labor
land
capital
12
An opportunity cost is
the next best alternative you give up to do something else
usually absent in a command economy
is only an issue when there is no scarcity
when goods are recycled into other goods
13
A tax on goods coming into the country is called
quota
tariff
embargo
an exchange rate
14
What factor of production do you see in picture?
Entrepreneur
capital
labor
land
15
The skills, talents, and education of people used in the production of goods and services
capital resources
human resources
entrepreneur
natural resources
16
A person who takes the risk to start their own business is called
a consumer
an imperialist
an entreprenuer
an advertiser
17
What are the factors of production?
Entrepreneurship,land,Capital
Land,Labor,Capital
Capital,enterepreneurship,land, labor
All of the a bove
18
What factor of production do you see in the picture?
Labor
Land
Capital
Entrepreneur
19
Which is NOT one of the 3 economic questions?
Why produce it?
What to produce?
For whom to produce?
How to produce it?
20
The 3 questions that must be answered by the economic system are
how to produce, how much to produce and when to produce.
what to produce, how to produce and how much government gets
What to produce, when to produce and how to produce.
What to produce, how to produce and for whom to produce.
