Podcast
Questions and Answers
Which of the following is an example of a service?
Which of the following is an example of a service?
Which factor of production refers to natural resources?
Which factor of production refers to natural resources?
What is the term for human effort used to produce goods and services?
What is the term for human effort used to produce goods and services?
Which of the following is an example of a good?
Which of the following is an example of a good?
Signup and view all the answers
What are factors of production?
What are factors of production?
Signup and view all the answers
What is an example of a natural resource?
What is an example of a natural resource?
Signup and view all the answers
What is another term used for human resources?
What is another term used for human resources?
Signup and view all the answers
Study Notes
Factors of Production
- A service is an example of an intangible product that provides a benefit to the consumer, but does not have a physical presence.
- Natural resources are a factor of production that refers to the land, water, air, and other resources that are naturally available.
- Human effort used to produce goods and services is referred to as labor.
- A good is a tangible product that has a physical existence, such as a car or a book.
Factors of Production Explained
- Factors of production are the resources used to create goods and services.
- There are four main factors of production: natural resources, labor, capital, and entrepreneur.
- An example of a natural resource is water.
- Human resources is another term used for labor.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on factors of production and understand their role in the production of goods and services. Learn about the different resources businesses need to effectively produce and deliver products to consumers.
