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Business Environment - Unit 1 Flashcards | StudBud

Explore/Business Environment - Unit 1

Business Environment - Unit 1

10 terms·StudBud Administration·152 plays

Factors of Production

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Questions 10

Answers

1
Which one of the following is a gift of nature that makes production possible?
Natural resources.
Consumer goods.
Human capital.
Inputs.
2
The two objectives of an owner for starting a businessare
ownership and ability to help others.
ability to influence others and profit.
personal satisfaction and profit.
personal satisfaction and ownership.
3
Labour is defined as
The population available for work.
The workers on the factory floor.
The physical & mental input of people who work for the biz
The employees in an office.
4
A Factor of Production is
Used in the production of services.
Used in the Production of things that are useful.
Used in the production of goods and services.
Used in the production of goods.
5
Land is defined as
Farms used in agriculture or production.
Soil used in farming.
The most important factor of production.
Natural resources used in production.
6
Which 1 of the following brings together the other economic resources necessary for production
Shareholders.
Government.
Management.
Entrepreneurship.
7
When you apply the factors of production productively, you are able to increase your
costs.
expenses.
profitability.
labour.
8
To finance the operation of a business, an owner needs
labour and entrepreneurship
materials and labour.
capital and profits.
capital and entrepreneurship
9
For Capital, the funds does NOT refer to
a loan from the bank
interests charged by banks
profits retained by business
investments by owners and shareholders
10
Entrepreneurship refers to
The manager of the firm.
The shareholder in a company.
The owners of a business.
The risk taking by the owner in operating the business.