Podcast
Questions and Answers
One of the factors of production is ______.
One of the factors of production is ______.
land
Another factor of production is ______, which includes tools and machinery.
Another factor of production is ______, which includes tools and machinery.
capital
The factor of production that involves human effort is known as ______.
The factor of production that involves human effort is known as ______.
labor
The entrepreneurship factor is also referred to as ______.
The entrepreneurship factor is also referred to as ______.
Signup and view all the answers
All four factors of production are essential in ______ goods and services.
All four factors of production are essential in ______ goods and services.
Signup and view all the answers
Study Notes
Factors of Production
- Land is one of the factors of production
- Capital, which includes tools and machinery, is another factor of production
- Labor is the factor of production that involves human effort
- The entrepreneurship factor is also referred to as management
- All four factors of production are essential in producing goods and services
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on the four factors of production: land, labor, capital, and entrepreneurship. This quiz covers definitions and roles of each factor in the creation of goods and services. Ideal for economics students and enthusiasts.
