Economics Test Review

What are the Factors of Production?

• land, money, manufacturing, and workers

• labor, capital, supply, and demand

• land, labor, capital, and entrepreneurship

• entrepreneurship, innovation, natural resources, and money

What is a physical item that is produced and can be weighed or measured?

• Consumer

• Entrepreneur

• Services

• Goods

When something is used it, it is _____.

• services

• consumed

• entrepreneur

• labor

Entrepreneurs are always considered part of entrepreneurship and that's why you can say they're included as a part of the factors of production.

• True

• False

There are three questions that we must ask in order to deal with scarcity. They are the reason that economics exist. What are these three questions?

Select all that apply.

• What goods and services must be produced?

• Why should we produce these goods and services

• How will these goods and services be produced?

• Who will consume the goods and services?

Which factor(s) of production is/are not present here?

• land and labor

• capital and entrepreneurship

• entrepreneurship

• capital

Someone who works for a company is the best description of

The fact that we do not have unlimited quantities of resources is good example of what term?

• Scarcity

• Economics

• Distribution

• Consumption

Which of the following are the best examples of natural resources coming from the land as a factor of production?

• shoes, socks, jeans, and buttons

• televisions, laptops, phones, and chargers

• water, food, computers, and tools

• iron, coal, plants, and minerals

The global leading producers of oranges include China, Brazil, Mexico, and Florida. Which factors of production are not most affected by a drought in any of these countries?

Select all that apply.

• Land

• Labor

• Capital

• Entrepreneurship