Social Studies Factors of Production Quiz

Which factor of production encompasses all natural resources used in a production?

• Labor

• Entrepreneur

• Capital

• Land

What is the payment for the used land in the factors of production?

• Profit

• Rent

• Interest

• Wages

What does the production function show?

• The relationship of physical input and output in business

• The relationship of demand and price in the market

• The relationship of labor and wages in business

• The relationship of supply and price in the market

What is the term for the work in the factories being done mostly by machines?

• Computerized Machine

• Automation

• Mechanization

• Division of Labor

What is the term for the payment made to others as the cost of operating the business?

• Explicit Cost

• Subsidy

• Opportunity Cost

• Implicit Cost

What is the ownership type managed and owned by one individual?

• Cooperative

• Sole Proprietorship

• Corporation

• Partnership

What is the mathematical expression between demand and price called?

• Market Demand

• Demand Schedule

• Demand Curve

• Demand Function

What is the term for the amount of goods and services available for consumption at different prices?

• Demand

• Supply

• Market Supply

• Subsidy

What is the determinant of the abundant supply of a product in a market?

• Weather

• Number of Sellers

• Subsidy

• Cost of Production

When the price of the product is high, what are producers willing to do according to the law of supply?

• Decrease the supply

• Increase the supply

• Stop the supply

• Maintain the supply