10 Questions
What type of resources does land include?
Fish, shells, minerals, oils, cash crops, and water
What does labor refer to in the context of production?
Human effort used in production
Which of the following is considered a real asset in production?
Schools and offices
What does entrepreneurship involve in the context of business?
Risk-taking in setting up a business
Which category of resources includes factors like minerals and oils?
Land resources
Explain the role of land resources in production.
Land resources in production include the land itself, minerals, oils, gases, and things that grow on the land like cash crops.
What are real assets in the context of production and give examples?
Real assets in production refer to physical assets like machinery, tools, factories, schools, and offices.
Discuss the significance of labor in the production process.
Labor is the human effort used in production and is crucial for executing tasks and operations.
Define entrepreneurship and explain its role in business.
Entrepreneurship involves taking risks in setting up a business and driving innovation and growth.
How do land, labor, and capital collectively contribute to the production process?
Land, labor, and capital work together to create goods and services by using natural resources, human effort, and physical assets.
Study Notes
- Land is a natural resource used in production, including the land itself, resources like minerals and oils, and things that grow on the land such as cash crops.
- Labour refers to human effort used in production.
- Capital includes real assets like machinery, tools, factories, schools, and offices.
- Entrepreneurship involves the person who takes on the risk of setting up a business.
Test your knowledge on the key factors of production including land, labor, capital, and entrepreneurship. Understand the role of each factor in the production process and their significance in the economy.
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