What are the four factors of production that a business needs?
Factors of Production

Quiz
•
Business
•
9th Grade
•
Hard
Andrew Ward
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Land, Labour, Capital, and Enterprise
Land, Labour, Money, and Enterprise
Land, Labour, Capital, and Energy
Land, Labour, Capital, and Environment
Answer explanation
The four factors of production are Land, Labour, Capital, and Enterprise. These elements are essential for creating goods and services, making the first option the correct choice.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor of production includes the natural resources a business might need?
Labour
Capital
Land
Enterprise
Answer explanation
The factor of production that includes natural resources is 'Land'. It encompasses all natural resources used in the production process, such as minerals, water, and agricultural land.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the factor of production 'Labour' refer to?
The physical land where the business is located
The machinery and equipment needed by the business
The staff needed by the business and their skills
The entrepreneur who creates the business
Answer explanation
The factor of production 'Labour' refers to the staff needed by the business and their skills, as it encompasses the human effort and expertise required for production, unlike land, machinery, or the entrepreneur.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor of production is associated with machinery and equipment?
Land
Labour
Capital
Enterprise
Answer explanation
The factor of production associated with machinery and equipment is capital. Capital includes physical assets like machines, tools, and buildings that are used in the production of goods and services.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is responsible for organising the other three factors of production?
The government
The manager
The entrepreneur
The investor
Answer explanation
The entrepreneur is responsible for organizing the other three factors of production: land, labor, and capital. They take the initiative to combine these resources to create goods and services.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the context of a gym enterprise, which factor of production does the gym equipment represent?
Land
Labour
Capital
Enterprise
Answer explanation
In a gym enterprise, gym equipment is considered 'Capital' as it is a physical asset used to produce services. Unlike 'Land' or 'Labour', which refer to natural resources and human effort respectively, 'Capital' specifically includes tools and machinery.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an opportunity cost?
The cost of hiring new staff
The cost of purchasing new equipment
Something that is given up when choosing one option over another
The cost of renting land
Answer explanation
Opportunity cost refers to the value of the next best alternative that is forgone when making a choice. Thus, it is defined as something that is given up when choosing one option over another.
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