Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which of the following is NOT a factor of production?
Which of the following is NOT a factor of production?
- Capital
- Land
- Profit (correct)
- Labor
What is the meaning of the term 'entrepreneurship'?
What is the meaning of the term 'entrepreneurship'?
- The ability to manage finances
- The ability to produce goods
- The ability to organize resources
- The ability to create new products (correct)
What is the difference between a good and a service?
What is the difference between a good and a service?
- Goods are tangible products while services are intangible products (correct)
- Goods are consumed immediately while services can be stored for later use
- Goods are produced by businesses while services are produced by individuals
- Goods are intangible products while services are tangible products
Flashcards are hidden until you start studying
