Factors of Production Quiz

What are the resources needed to produce goods and services called?

• Business Inputs

• Economic Resources

• Production Tools

• Factors of Production

Which of the following is NOT a factor of production?

• Management

• Labor

• Capital

• Land

What does 'land' refer to in the context of factors of production?

• Natural resources

• Human effort

• Money for investment

• Machinery

Which of the following is an example of labor?

• A piece of land

• A factory machine

• A bank loan

• A teacher providing education

What is capital in terms of production?

• Entrepreneurial skills

• Natural resources

• Human work

• Man-made resources

Which of the following is an example of capital?

• A farmer

• A business plan

• Ovens in a bakery

• Water

What does entrepreneurship involve?

• Working in a factory

• Combining all factors to create a business

• Using land only

• Investing money only

Who is an entrepreneur?

• A farmer

• A teacher

• A business owner who takes risks

• A skilled worker

Which factor of production includes water and minerals?

• Labor

• Capital

• Land

• Entrepreneurship

What is an example of labor in production?

• A bank

• A computer

• A factory worker assembling products

• A piece of land