Factors of Production

True or false: There are four factors of production.

• True

• False

_____ is the process of turning raw materials or inputs into goods or service

• Baking

• Production

• Farming

• Teaching

This image represents

• Land

• Labour

• Capital

• Enterprise

True or False: Money is a form of capital

• True

• False

True or False: An entrepreneur is someone who is not willing to risk his or her time and money to start or run a business

• True

• False

This image represents

• Land

• Labour

• Capital

• Enterprise

The factors of production work together to provide

• Goods only

• Services only

• Goods and services

• Needs and wants

____ is transferable, storable and tangible

• Goods

• Services

____ are produced and consumed at the same place

• Goods

• Services

Select all the options that indicate what you would like to learn today.

• How to define economic activities

• How to link the factors of production to economic activities

• What are renewable resources

• What are non-renewable resources