Factors Of Production B

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Judy Skelton
Judy Skelton, SS Teacher
Judy is a Social Studies teacher at Booker T. Washington High School, shaping the minds of young learners with dedication and passion
Quizzes Created: 2 | Total Attempts: 6,411
| Attempts: 1,254
SettingsSettings
Please wait...
  • 1/5 Questions

    Natual Resource

    • Land
    • Labor
    • Capital
    • Entrepreneurship
Please wait...
About This Quiz

Explore the core components of economic production: labor, capital, land, and entrepreneurship, through targeted questions.

Factors Of Production Quizzes & Trivia

Quiz Preview

  • 2. 

    Risk Taker

    • Land

    • Labor

    • Capital

    • Entrepreneurship

    Correct Answer
    A. Entrepreneurship
    Explanation
    Entrepreneurship refers to the ability and willingness to take risks in order to start and manage a business venture. It involves identifying opportunities, organizing resources such as land, labor, and capital, and taking on the associated risks to create and grow a successful business. Entrepreneurs are innovative and proactive individuals who are not afraid to take calculated risks in pursuit of their goals. They play a crucial role in driving economic growth and development by introducing new products, services, and business models.

    Rate this question:

  • 3. 

    Chainsaw

    • Land

    • Labor

    • Capital

    • Entrepreneurship

    Correct Answer
    A. Capital
    Explanation
    Capital refers to the financial resources or assets that are used to produce goods and services. In the context of the given words, chainsaw, land, labor, and entrepreneurship can all be seen as factors of production, but they do not directly represent capital. A chainsaw is a tool used in production, land is a natural resource, labor refers to the human effort involved, and entrepreneurship is the ability to organize and manage the other factors. Capital, on the other hand, specifically represents the financial investment or resources used to acquire these factors and facilitate production.

    Rate this question:

  • 4. 

    Ire Ore

    • Land

    • Labor

    • Capital

    • Entrepreneurship

    Correct Answer
    A. Land
    Explanation
    The correct answer is "land" because it refers to the natural resources and physical space that are used in the production of goods and services. Land includes not only the actual land itself, but also any natural resources found on or under the land, such as minerals or oil. In the context of economics, land is considered one of the four factors of production, along with labor, capital, and entrepreneurship.

    Rate this question:

  • 5. 

    Human Resource

    • Land

    • Labor

    • Capital

    • Entrepreneurship

    Correct Answer
    A. Labor
    Explanation
    Labor refers to the physical and mental effort exerted by individuals in the production of goods and services. It includes both skilled and unskilled workers who contribute their time, skills, and expertise to the production process. Labor is an essential factor of production as it directly affects the quantity and quality of output. Without the contribution of labor, other factors such as land, capital, and entrepreneurship would not be able to generate economic value. Therefore, labor is the correct answer in this context.

    Rate this question:

Quiz Review Timeline (Updated): Mar 21, 2022 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2022
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 21, 2009
    Quiz Created by
    Judy Skelton
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.