Four Factors of Production

Front

What are the resources called that are needed to produce a good or service?

Back

Factors of production.

Front

How many factors of production are needed to produce a good or service?

Back

4

Front

What are natural resources?

Back

Things from nature (not man-made), Animals, Tree

Front

What is labor?

Back

People who do the work to produce something.

Front

What could be an example of capital? Options: Buildings, Machines, Money, All of the above

Back

All of the above

Front

What is entrepreneurship?

Back

Starting or improving a business.

Front

__________ It only takes one factor of production to make a good or service.

Back

False

Front

__________ The creation of all goods and services are made from different resources.

Back

True

Front

__________ An example of a natural resource is a cell phone.

Back

False

Front

__________ The entrepreneur combines natural resources, labor, and capital to produce a good or service.

Back

True