Pob Flashcards
(26 cards)
What are the primary factors of production?
Land, labor, capital, and entrepreneurship.
True or False: Capital refers only to financial resources.
False.
Fill in the blank: The factor of production that includes natural resources is called _____.
Land.
Which factor of production is responsible for the organization of resources?
Entrepreneurship.
What is labor in the context of production?
The human effort, both physical and mental, used in the production of goods and services.
Multiple Choice: Which of the following is NOT a factor of production? A) Land B) Labor C) Profit D) Capital
C) Profit.
What role does capital play in production?
Capital includes tools, equipment, and facilities used to produce goods and services.
True or False: Entrepreneurship is only about starting new businesses.
False.
Fill in the blank: The ability to combine other factors of production to generate profit is known as _____.
Entrepreneurship.
What is the significance of land as a factor of production?
Land provides the raw materials needed for production.
Multiple Choice: Which factor of production can be considered as human capital? A) Workers’ skills B) Machinery C) Land D) Money
A) Workers’ skills.
What is the relationship between entrepreneurship and innovation?
Entrepreneurship often involves innovation to create new products or improve processes.
True or False: Labor is only needed for manual tasks in production.
False.
Fill in the blank: The combination of land, labor, and capital is essential for the production of _____.
Goods and services.
What is the term for the skills and knowledge that workers bring to the production process?
Human capital.
Multiple Choice: Which of the following is an example of capital? A) A factory B) A field C) A worker D) A business plan
A) A factory.
How does technology influence the factors of production?
Technology can enhance productivity and efficiency in the use of land, labor, and capital.
True or False: All factors of production are equally important in every industry.
False.
Fill in the blank: The factor of production that involves risk-taking and decision-making is called _____.
Entrepreneurship.
What is the primary function of labor in production?
To perform tasks required to create goods and services.
Multiple Choice: Which factor of production is most likely to fluctuate in availability? A) Land B) Labor C) Capital D) Entrepreneurship
B) Labor.
What is the impact of scarcity on the factors of production?
Scarcity affects the availability and cost of land, labor, and capital.
True or False: Capital can be both physical and financial.
True.
Fill in the blank: The process of transforming inputs into outputs is known as _____.
Production.
