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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?

Risk-taking in setting up a business Signup and view all the answers

Which category of resources includes factors like minerals and oils?

Land resources Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

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. Signup and view all the answers

Define entrepreneurship and explain its role in business.

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

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. Signup and view all the answers

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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Description

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.