Econ Chapter 2

What is the definition of factors of production?

Explain "Land' as one of the factors of production. Give example

Explain "Labour' as one of the factors of production. Give example

Explain "Capital' as one of the factors of production. Give example

Explain "Enterprise' as one of the factors of production. Give example

Production of any good or services requires resources known as

• factors of production

• land

• production facilities

• raw materials

What is the generic name for the natural resources required in the production process?

• capital

• enterprise

• labour

• land

What is the name of the reward for use of enterprise in the production process?

• profit

• income

• rent

• salaries and wages

Which refers to the willingness and ability of a person to relocate from one area to another for employment purposes?

• geographical mobility

• incentives to work

• occupational mobility

• regional unemployment

What is the name given to manufactured resources required in the production process?

• capital

• enterprise

• labour

• land