Factors of Production Flashcards

1

Which is considered to be part of land?

2

What is the alternative you face if you decide to do one thing rather than another called?

3

What is the term for the person that makes decisions about all other resources?

4

Moving from point A to point F results in what opportunity cost?

5

Resources are limited but wants are unlimited. What problem does this create?

6

What are the gifts of nature that make production possible?

7

What do we call whether efficiency is used to produce goods and services?

8

Which would not be considered as capital by an economist?

9

Which would not be classified as land by economists?

10

What factor of production is a tractor?

11

Which factor of production includes any form of human effort exerted in production?

Factors of Production