Factors of Production

Master the 4 factors of production: land, labor, capital, and entrepreneurship!

Resources are important to produce goods and services. These resources are also referred to as factors of production, which include land, labor, capital, and entrepreneurship.Land - natural, renewable or nonrenewable resources: think, found in the environmentLabor - mental and physical talent of peopleCapital - tools that are used to produce goods and servicesEntrepreneurship - special talents of people who create new products and ideas for businesses What are the resources called that are needed to produce a good or service? goods and services needs and wants factors of production all of the above How many factors of production are needed to produce a good or service? 2 4 8 10 What are natural resources? animals Things from nature (not man-made) Trees All of the above What is labor? Hard work People who only do the physical work People who do the work to produce something None of the above What is entrepreneurship? shipping products and services starting or improving a business Improving needs and wants All of the other options It only takes one factor of production to make a good or service. True False An example of a natural resource is the cellphone. True False The entrepreneur combines natural resources, labor, and capital to produce a good or service. True False To mark a word click its first letter then click its last. ENTREPRENEURSHIP NONRENEWABLE RENEWABLE RESOURCE CAPITAL SERVICE NATURAL TALENT LABOR GOOD TOOL LAND Identify which category - land (renewable or nonrenewable), labor, capital, or entrepreneurship - each item falls into. Land (renewable or nonrenewable) copper coal spring water cows Labor chef teacher accountant Capital copier machine microphone cash register hammer tractor Entrepreneurship Steve Jobs (iMac, iPhone, and iPad) creators of Instagrm