8 EMS - Factors of Production

All of the economic inputs that are required to produce goods and services are called:

• Factors of production

• Supply

• Demand

• Capital goods

The physical effort of people to produce goods or services describes which factor of production?

• Land

• Capital

• Labour

• Entrepreneurship

The ideas and emotional drive a person has to produce something that other people will want to buy describes which factor of production?

• Capital

• Labour

• Entrepreneurship

• Land

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Capital refers to...

• The "gifts of nature" or natural resources not created by human effort.

• people with all their efforts and abilities

• the tools, equipment, and factories used in production of goods and services

• individuals who start a new business or bring a product to market.

Labour refers to...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• the tools, equipment, and factories used in production of goods and services.

• The "gifts of nature" or natural resources not created by human effort.

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

A herd of cattle is an example of ...

• Land

• Labour

• Entrepreneur

• Capital

Forests are examples of...

• Land

• Labour

• Entrepreneurs

• Capital

A bulldozer is an example of...

• Land

• Labour

• Entrepreneurs

• Capital