Factors of Production

The creation of any kind of good or service is known as:

• Input
• Resources
• Production
• Entrepreneurship

All of the things necessary for production are known as:

• Production
• Entrepreneurship
• Outputs
• Resources

The human effort involved in the production of goods and services is known as:

• Capital
• Entrepreneurship
• Labor
• Land

The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):

• Entrepreneurship
• Capital
• Land
• Labor

All natural resources that go into the production of a good or service:

• Capital
• Entrepreneurship
• Land
• Labor

Anything within the production process, whether human or technological, that makes production more efficient

• Entrepreneurship
• Capital
• Land
• Labor

Any technology/machinery involved in the production process:

• Human Capital
• Physical Capital
• Investment Capital
• Enterprise Capital

Money used to re-invest in a firm and further its business objectives

• Human Capital
• Physical Capital
• Investment Capital
• Enterprise Capital

An individual's knowledge or skills that make production of a good/service more efficient

• Human Capital
• Physical Capital
• Investment Capital
• Enterprise Capital

In a competitive economy, which firms will have the most access to the factors of production (productive resources)?

• The firms that are most successful in meeting consumer demand
• The firms that are least successful in meeting consumer demand
• The firms that have the most production experience
• The firms that offer the greatest variety of goods/services