17 Questions
Which of the following is NOT one of the four factors of production?
Natural resources
What are natural resources?
Raw materials used to make other things
Which of the following is an example of labor resource?
Factory worker
What is capital in the context of production?
Money
What are some examples of natural resources?
Water, oil, and copper
Which of the following is a renewable natural resource?
Forests
What is the first factor of production needed to produce a good or service?
Natural resources
What do we call the resources used to make goods and services?
Factors of production
Which of the following is NOT considered a capital resource?
Labor
Which factor of production involves someone starting or improving a business?
Entrepreneurship
Which of the following is an example of entrepreneurship?
Starting a business to produce an educational service
What are capital resources used for?
To produce goods and services
What is the role of labor in production?
To produce goods and services
What is the role of natural resources in production?
To produce goods and services
What is the role of entrepreneurship in production?
To start a business
What is an example of a capital resource used by a teacher to produce an educational service?
A computer
What is the last factor of production?
Entrepreneurship
Test your knowledge on the creation of goods and services! Explore the resources and formula behind the abundance of products available in the U.S. Discover how these goods are made and the key resources involved. Put your understanding to the test with this informative quiz.
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