Podcast
Questions and Answers
Which of the following is NOT considered a factor of production in classical economics?
Which of the following is NOT considered a factor of production in classical economics?
- Labor
- Entrepreneurship (correct)
- Land
- Capital
Which factor of production refers to human effort provided in the creation of products and services?
Which factor of production refers to human effort provided in the creation of products and services?
- Capital
- Entrepreneurship
- Labor (correct)
- Land
What is considered an economic good?
What is considered an economic good?
- Air from an air conditioner (correct)
- Perfume
- Sunlight
- Fresh air
In economics, what do resources refer to?
In economics, what do resources refer to?
Which category of resources includes natural resources and raw materials?
Which category of resources includes natural resources and raw materials?
What defines an economic good?
What defines an economic good?
What is a potential issue related to land as a factor of production?
What is a potential issue related to land as a factor of production?
Which factor of production is affected by a mismatch of jobs?
Which factor of production is affected by a mismatch of jobs?
What could be a consequence of low quality equipment/machines as a factor of production?
What could be a consequence of low quality equipment/machines as a factor of production?
Which aspect is a characteristic of resources being partially replaceable in production?
Which aspect is a characteristic of resources being partially replaceable in production?
What could be a challenge related to entrepreneurship in the production of goods and services?
What could be a challenge related to entrepreneurship in the production of goods and services?
In the context of production decisions, what does 'how to produce' primarily refer to?
In the context of production decisions, what does 'how to produce' primarily refer to?
Which of the following is considered a natural resource?
Which of the following is considered a natural resource?
What is the main characteristic of labor as a factor of production?
What is the main characteristic of labor as a factor of production?
Which of the following best describes capital in the production process?
Which of the following best describes capital in the production process?
What role does entrepreneurship play in the factors of production?
What role does entrepreneurship play in the factors of production?
Which term best defines the concept of resources scarcity?
Which term best defines the concept of resources scarcity?
Which of the following is an example of a capital good?
Which of the following is an example of a capital good?
