Factors of Production

Which factor involves the use of physical and mental activities in production?

• Entrepreneur

• Capital

• Land

• Labor

Which of the following proves that land has unique characteristics as a factor of production?

• cultivated by farmers

• site for infrastructure

• considered fixed in quantity

• source of production inputs

Why is land considered the primary factor of production?

• larger land area for cultivation

• source of all products sold in the market

• site for necessary production infrastructure

• origin of raw materials needed for new products

How can you prove that labor is complementary to capital?

• labor and capital are both factors of production

• human-made technology can also be used as capital

• equal number of labor and capital in business

• quality and quantity of capital are associated with labor strength and skill

Land, Labor, Capital, and Entrepreneurship 

• Diversification

• Deductions

• Portfolio

• Factors of Production 

What factor of production's function is to make decisions and take risks?

• Capital

• Enterprise 

• Land 

• Labour 

The diagrams shows initial production possibility curve of PPC1

What may cause the movement of the production possibility curve from PPC1 to PPC2?

• A better educated workforce

• A decrease in the availability of raw materials

• Increased wages

• Lower productivity

Input are factors used in product creation. In the output 'table and chair', which of the following are inputs?

• tools, machinery

• wood, tools, machinery

• board, machinery, technology

• tools, machinery, labor, wood

WHAT ARE THE 4 FACTORS OF PRODUCTION?

• Land, Capital, Need & Want

• Land, Labor, Capital, Entrepreneurs

• Water, Air, Food & Shelter

• Land, Capital, Good & Service

Which one of the factors of production is this?

• capital

• entrepreneur

• land

• labor