Factors of Production Quiz

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Questions and Answers

What type of resources does land include?

  • Only minerals and oils
  • Fish, shells, minerals, oils, cash crops, and water (correct)
  • Cash crops and water
  • Only fish and shells

What does labor refer to in the context of production?

  • Human effort used in production (correct)
  • Real estate properties
  • Physical assets like machinery
  • Investment in setting up a business

Which of the following is considered a real asset in production?

  • Schools and offices (correct)
  • Cash crops
  • Water
  • Fish and shells

What does entrepreneurship involve in the context of business?

<p>Risk-taking in setting up a business (A)</p> Signup and view all the answers

Which category of resources includes factors like minerals and oils?

<p>Land resources (C)</p> Signup and view all the answers

Explain the role of land resources in production.

<p>Land resources in production include the land itself, minerals, oils, gases, and things that grow on the land like cash crops.</p> Signup and view all the answers

What are real assets in the context of production and give examples?

<p>Real assets in production refer to physical assets like machinery, tools, factories, schools, and offices.</p> Signup and view all the answers

Discuss the significance of labor in the production process.

<p>Labor is the human effort used in production and is crucial for executing tasks and operations.</p> Signup and view all the answers

Define entrepreneurship and explain its role in business.

<p>Entrepreneurship involves taking risks in setting up a business and driving innovation and growth.</p> Signup and view all the answers

How do land, labor, and capital collectively contribute to the production process?

<p>Land, labor, and capital work together to create goods and services by using natural resources, human effort, and physical assets.</p> Signup and view all the answers

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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.

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