17 Questions
Which of the following is NOT considered a factor of production?
Entrepreneurship
Which of the following best defines goods?
Physical objects that can be touched
Which of the following best defines services?
Actions or activities performed for another person
Which factor of production involves the human input into the production process?
Labour
Which factor of production includes natural resources?
Land
Which factor of production involves tools, buildings, machines, and computers?
Capital
Which factor of production involves taking risks in setting up or running a firm?
Enterprise
Which of the following is NOT a type of factor of production?
Service
Which one of the following is NOT considered a factor of production for producing a motor car?
Leather
Which one of the following is the correct factor income for labor?
Wages
In a market economic system, who owns the factors of production?
Households
What is the reward for selling land as a factor of production?
Rent
Which one of the following is NOT a factor of production mentioned in the text?
CEO
What do firms purchase from households in factor markets?
Land, labor, & capital
What is the factor income for entrepreneurship?
Profit
In a market economic system, what are the factors of production privately owned by?
Households
What does an entrepreneur aim to generate by deciding on the combination of factors of production?
Profit
Test your knowledge on the factors of production with this quiz! Discover the resources needed to produce goods and services, including land, labor, capital, and enterprise. Challenge yourself to identify the different factors and their rewards in the production process.
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