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Factors of production Flashcards | StudBud
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Factors of production
Factors of production
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Questions
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Answers
1
Which factor of production include any form of human effort exerted in production?
Land
Labour
Capital
Entrepreneurship
2
The Factors of production can be referred to as:
Transformation process
None of the above
Inputs
Outputs
3
What term is used for individuals that bring together economic resources needed for production?
Government
Management
Corporate shareholders
Entrepreneurs
4
What are the gifts of nature that make production possible?
Human capital
Consumer goods
Input
Natural resources
5
What factor of production is a tractor?
Labour
Land
Entrepreneurship
Capital
6
The Factors of production are interdependent and rely on each other.
Disagree
Agree
7
Which would not be classified by economists as land?
Iron ore deposits
Crude oil reserves
Two thousand acres of forest
A hydroelectric dam
