Factors of Production ECON

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Business

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10th Grade

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Practice Problem

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Medium

Shauna-Kay Herah

Used 30+ times

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28 Slides • 14 Questions

Factors of Production ECON

Productivity

Productivity is used to measure the efficiency or rate of production.
It is the amount of output (e.g. number of goods produced) per unit of input (e.g. labor, equipment, and capital).

Example of land productivity

Tommy Jones plants pineapples on 400 acres of land. He reaps 20,000 pineapples.
Output/Acres
20,000 pineapples /400 acres = 50 pineapples per acre

Multiple Choice

The creation of any kind of good or service is known as:

Input

Resources

Production

Entrepreneurship

Multiple Choice

Iron, minerals, coal and plants are examples of which productive resource?

land

labor

entrepreneurship

capital

Multiple Choice

Your garbage man is an example of

Land

Labor

Entrepreneurs

Capital

Multiple Choice

Labour productivity could be increased by all of the following except:

using more technologically advanced machines

increasing the amount of automation

improved training of workers

employing more workers to produce the same level of output

Multiple Choice

One of the benefits of increasing productivity is:

more workers will be employed

total production will increase with the same number of workers

average costs will stay the same

fewer raw materials will be needed to produce the same level of output

Multiple Choice

What does productivity mean?

productivity is how products are made

productivity is a measure of how many workers a business has

productivity measures efficiency

productivity measures effectiveness

Multiple Choice

A bulldozer is an example of...

Land

Labor

Entrepreneurs

Capital

Multiple Choice

Forests are examples of...

Land

Labor

Entrepreneurs

Capital

Multiple Choice

Any technology/machinery involved in the production process:

Human Capital

Physical Capital

Investment Capital

Enterprise Capital

Multiple Choice

A garbage truck driver is an example of which Factor of Production?

labor

land

entrepreneurship

capital

Multiple Choice

This factor involves money, equipment, and tools and any items to produce goods and services?

capital

entrepreneur

land

labor

Multiple Choice

Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?

capital

entrepreneur

land

labor

Multiple Choice

_______________ IS KNOWN AS THE MANMADE RESOURCES USED TO PRODUCE GOODS AND SERVICES.

Entrepreneurs

Capital

Labor

Land

Multiple Choice

AN ENTREPRENEUR IS A PERSON WHO _______________.

owns their own business

uses goods and services to produce labor, land, and capital.

use land, labor, and capital to produce good and services.

loves nature and runs a business

Factors of Production ECON

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