Factors of Production - SS1 Economics Past Questions and Answers - page 1
Which of the following is a factor of production?
Marketing
Sales
Land
None of the above
Which factor of production refers to the physical and mental effort put into producing goods and services by workers?
Labour
Capital
Land
Entrepreneurship
Which factor of production refers to the tools, machinery, and infrastructure used in the production process?
Labour
Capital
Land
Entrepreneurship
Which factor of production refers to the skill and vision required to identify business opportunities and organize resources to create goods and services?
Labour
Capital
Land
Entrepreneurship
Which factor of production refers to natural resources such as water, forests, minerals, and oil?
Labour
Capital
Land
Entrepreneurship
Define the factor of production 'capital'.
Capital refers to the physical and financial assets used in the production process, such as machinery, equipment, and buildings.
What is the role of entrepreneurship in production process?
Entrepreneurship includes the ability to take risks, innovate, and make decisions that impact the production process.