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Questions and Answers
Which of the following is NOT considered a factor of production?
Which of the following is NOT considered a factor of production?
- Labour
- Capital
- Entrepreneurship
- Land (correct)
What does the term 'factors of production' refer to?
What does the term 'factors of production' refer to?
- The resources used in the production process (correct)
- The changing of inputs into outputs
- The needs and wants of consumers
- The creation of goods and services
Which of the following is an example of a natural resource?
Which of the following is an example of a natural resource?
- Minerals (correct)
- Capital
- Entrepreneurship
- Labour
What happens to non-renewable resources once they are used up in production?
What happens to non-renewable resources once they are used up in production?
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Which objective does the text mention in relation to the production of goods and services?
Which objective does the text mention in relation to the production of goods and services?
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