Business Production Factors Quiz

What are the core resources used by businesses to produce and supply goods or services in an economy called?

• Factors of production

• Economic indicators

• Market forces

• Business strategies

Which of the following is NOT a factor of production?

• Land

• Labour

• Technology

• Capital

When considering human resources as a factor of production, which element is primarily focused on?

• Land

• Labour

• Capital

• Enterprise

What does the labour factor of production relate to?

• The machinery used in production

• The financial investment in a business

• The people working for a business

• The natural resources available

What is the primary role of the Human Resources department in a business?

• To manage the financial accounts of the company

• To ensure the business has sufficient people with the right skills

• To oversee the marketing strategies

• To handle customer service inquiries

How does the Human Resources department influence a business?

• By directly managing all employees

• By setting the company's sales targets

• By being a pivotal function in meeting customer needs

• By designing the company's products

What role does the HR department play when a manager wants to recruit more employees?

• They handle all financial transactions.

• They are involved in the decision-making process.

• They manage the company's marketing strategies.

• They oversee the production line.

Why is it expected that the HR department has expert knowledge of the labor market?

• To manage the company's inventory.

• To provide advice or offer solutions when required.

• To design the company's products.

• To oversee the company's IT infrastructure.

What is the primary focus of the labour market?

• The supply and demand of goods and services

• The supply and demand of economically active people and jobs

• The production of goods

• The distribution of wealth

Why do businesses need to understand the labour market?

• To increase their product prices

• To understand the supply and demand of the workforce

• To reduce their workforce

• To expand their market internationally