Factors of Production
What are the Factors of Production ?
What is Capital, Labor, Land and Entrepreneurship?
What is a want ?
What is Non essential desires that enhance the quality of life.
What is the definition of capital resources ?
What is any human made resource that is used to create other goods and services ?
What are the two types of labor ?
What is Mental & Physical Labor ?
What is the production of capital goods?
What is Capital Formation ?
This factor of production refers to tools, machinery, and buildings used in production.
What is capital?
What is the most scarce of all of all resources?
What is Natural Resources?
Give an example of Physical Capital
What is tools, machinery and buildings?
Human Resources is what
What is Labor ?
One increases as the other decreases
What is Total Production ?
This factor refers to the ability to combine all the other factors to create new goods or services and assumes risk
What is entrepreneurship ?
Give an example of an unlimited want
What is Money, Jewelry, Food, Clothing, Cars ?
This type of capital is essential for any business to operate, as it includes things like factories, buildings and equipment.
What is physical capital ?
What is human resources ?
What is any effort a person devotes to a task and gets paid for it?
Give an example of total production.
What is Buildings and Equipment ?
What are natural resources ?
What is resources not created by humans?
What is a need ?
What is Basic requirements for survival ?
What is the skills and knowledge gained by a worker called?
What is Human Capital ?
What is Scarcity ?
What is the gap between limited resources and limitless wants?
Give an example of Consumer goods and services
What is PS5,New Car, Barber, Nail Tech ,Cleaning Service ?
The definition of Factors of Production
What is Resources that are used to make all goods and services?
What are 3 of the most important needs ?
What is Food, Water & Shelter Clothing
This type of capital includes human-created goods that enhance the productivity of labor.
What is capital goods?
Population, immigration, famine, war and disease have had a dramatic impact on both
What is quantity and quality of labor ?
What directly satisfies people's economic wants?
What is Consumer Goods & Services ?