Study Questions (with Answers) Page 5 of 6 (7) 2. Social Studies. However, economists seek to classify all inputs into a few broad categories, so standard usage refers to the categories themselves as factors. What amount should he invest if it w... A: The future value of the investment is P200,000. Try this amazing Factors Of Production A quiz which has been attempted 2859 times by avid quiz takers. individuals. Q: Q) The maintenance costs associated with a machine are $2000 per year for the first ten years and $1... A: The present worth can be calculated by using the following formula: Q: How do "Nash equilibrium" and the idea of one "player" impacting another "player" within an organiza... A: The game theory emphasizes the importance of the art of decision making. Answer : Production control cannot be same across all the organization. There are four main factors of production in economics. So my students have learned about the factors of production. Marketplace. What are they derived from? 3. capital. In such a time period, the firm can construct a new building, or buy a new machine, or change its scale of production. All other anciliary factors are the part of these main factors. Solution for What are the factors of production? According to the Stolper-Samuelson Theorem (circle the correct answers): a. Federal Reserve Bank of St. Louis. Please type your answers below 1. factors of production 2. land, labor, capital, and entrepreneurship 3. materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain. Of the several topics you'll be assessed on, two include the physical effort of people to produce goods or services as well as the money and physical assets used to produce goods. D. goods markets and service markets. The horses at the Calgary Stampede chuckwagon race. How price controls the allocation of goods and services . 178 times. Define the meaning and aim of production. Engineering Economics and Financial Accounting - Production Function and Cost Analysis - Important Questions and Answers: Production Function and Cost Analysis . We have Provided The Story of Village Palampur Class 9 Economics MCQs Questions with Answers to help students understand the concept very well. oil, coal, forests, fish, farming. Land includes natural resources, raw materials and the natural environment, as well as land/water itself. (5 By scale of production we mean the size of a business or production unit. Q. E. goods markets and factor markets. Check the below NCERT MCQ Questions for Class 9 Economics Chapter 1 The Story of Village Palampur with Answers Pdf free download. Who owns the factors of production and makes economic decisions in a market economy? Springer Link. Economics Multiple Choice Questions Test contains 10 questions. Select the correct answer. About this item This resource is the perfect assessment tool when teaching the factors of production. Whatever is used in producing a commodity is called its inputs. a. | {{course.flashcardSetCount}} A. It works as labour, management and entrepreneur. The entrepreneur brings together the factors of production into workable businesses. 3. The factors of production are the same in Vietnam as they are anywhere else. Earn Transferable Credit & Get your Degree, Create your account to access this entire worksheet, A Premium account gives you access to all lesson, practice exams, quizzes & worksheets, GACE Middle Grades Social Science (015): Practice & Study Guide. Factors = resources = inputs = the things that are used to make products and provide services. They are the starting point of the production process. In economics, production theory explains the principles in which the business has to take decisions on how much of each commodity it sells and how much it produces and also how much of raw material ie., fixed capital and labor it employs and how much it will use. So my students have learned about the factors of production. Labour, as a factor of production, is people. Assume t... A: i) In 1981, the deficit to GDP ratio was 4.2%. Factors of production question? O Cannot Easily Be Duplicated. Also explain Marginal Physical product (MPP), Fixed and variable cost, Marginal cost with the help of real life… 4. the amount of physical, mental, and social effort used to produce goods and Explain it in three points. a year ago. Factors of production are the inputs available to supply goods and services in an economy. A garbage truck driver is an example of which Factor of Production? The factors of production are land, labor, capital, and entrepreneurship. _____ shows the overall output generated at a given level of input: water, shoes, food, & toys. The hiring of labour with fixed factor of production under short run after sometimes leads to increase in cost only. Who owns the factors of production and makes economic decisions in a market economy? It is expressed as Q x = F(L,K). heyyy i got exams comin up and i'm still not sure bout these answers What are the returns to the factors of production? 's' : ''}}. 120 seconds . For example, manufacturing of a car from steel. Factors of production are the inputs needed for the creation of a good or service. The factors of production include land, labor, entrepreneurship, and capital. Our online factors of production trivia quizzes can be adapted to suit your requirements for taking some of the top factors of production quizzes. These production factors are also known as management, machines, materials and labor, and knowledge has recently been talked about as a potential new factor of … They are the inputs for the process of production. Our online production trivia quizzes can be adapted to suit your requirements for taking some of the top production quizzes. 3. Answer: It is living active factor of production. Of course, in a literal sense anything contributing to the productive process is a factor of production. A: Relationship between inflation and output is described at Phillip’s curve. Factors of Production DRAFT. Median response time is 34 minutes and may be longer for new subjects. Identify the resources that matches to the statements below (use each answer only ONCE): Land, Labor , Capital, Entrepreneurial, Not a factor of production. Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. Use this quiz/worksheet combo to help you test your understanding of the four factors of production. {{courseNav.course.mDynamicIntFields.lessonCount}} lessons machines, tools, factories (Do NOT accept money). 1)is always a consumer good 2)can be either a consumer good or a capital good 3)is always a capital good 4)is neither a consumer good nor a capital good 28.A personal computer 1)borrow capital successfully and expand existing businesses to meet consumer demands 2)adapt technology efficiently 3)manage other people Where, Q x = Quantity of output, F = Function, L = Labour, K = Capital. These are the inputs used for successful production. For example, manufacturing of a car from steel. English, science, history, and more. Explain the term BOM? Find answers to questions asked by student like you, Factors of production are? The Story of Village Palampur Class 9 Important Questions Short Answer Type Questions. SURVEY . 1. Factors of Production Definition. Study Questions (with Answers) Page 5 of 6 (7) 2. Define the meaning and aim of production. ... 11 Questions Show answers. All the inputs are classified into two […] Median response time is 34 minutes and may be longer for new subjects. Accessed April 9, 2020. The physical effort of people to produce goods or services describes which factor of production? 9th - 12th grade. ... that's correct. A comprehensive database of factors of production quizzes online, test your knowledge with factors of production quiz questions. In economics, we have: Land QUESTION 27 Suppose That In An Effort To Help Single Parents, The Government Decides To Pay Part Of The Cost Of Childcare. MCQ Questions for Class 9 Social Science with Answers were prepared based on the latest exam pattern. Question and answer. In the American economy, who answers the basic economic questions of what, how, and for whom goods and services should be produced? Choose an answer and hit 'next'. jgraybill. A. all the human efforts involved in the production process B. all the resources used to produce any goods and services C. all the physical tools and equipment used in the production process D. all the naturally occurring resources found in … In the American economy, who answers the basic economic questions of what, how, and for whom goods and services should be produced? CBSE Class 12 Micro Economic Chapter-3 Important Questions. As a member, you'll also get unlimited access to over 83,000 lessons in math, To put it in different terms, the factors of production are the inputs needed for supply. Anything that helps in production is the factor of production. a) The term 'factors of production' is another term for resources. fertile farm land, the benefits from a temperate climate or the harnessing of wind power and solar power and other forms of renewable energy . These are known as economies of large scale production. Maintenance and Manufacturing Interview Questions ; Question 12. Factors of production is an economic term describing the general inputs used to produce goods and services to make a profit. flashcard sets, {{courseNav.course.topics.length}} chapters | These are the various factors by mean any resource is transformed into a more useful commodity or service. Question 3. The entrepreneur harvests the natural resources. Please select an answer No, that's not right. Question 13. answers the question. Transactional demand : money which is kept for purchas... Q: 5. Where entrepreneurs differ is in their ability to see new opportunities, their drive to bring together all of the needed factors of production that make a Production always involves a person or persons *combining* the factors of production earlier in time, with a view to producing a final product later in time, which is worth more than the original factors were, in terms of the satisfaction of human wants that the product will yield. Factor Payments. 1. Bureau of Economic Analysis. The factors of production are the set of three basic resources used to produce goods or services in order to generate profits. Answer : Production Engineering:– It is a branch of engineering which is a combination of manufacturing technology with management service. The factors of production include land, labor, entrepreneurship, and capital. All rights reserved. Question5: How did you improve the quality during production? B. 2. labour. Identify the... A: Two components of the demand for money are : Factors of Production. Which of the following correctly describes what would happen in the market for labor in Minnesota? For example, for producing wheat, a farmer uses inputs like soil, tractor, tools, seeds, manure, water and his own services. When a business unit expands its size of production (by increasing all the factors of productions), it secures certain advantages. Absolute advantage is... Q: How much revenue, as a share of GDP, would the infation tax raise inthe following episodes? Nature of operation. flashcard set{{course.flashcardSetCoun > 1 ? Accessed April 9, 2020. Ans: Factor demands are derived from the demands for the outputs that they are used to produce. Answer: Production is the creation of value in a commodity, e.g., manufacturing of a car from steel. Labour: human effort available for production/human capital, e.g. They are the inputs for the process of production. 2.Different Periods in Production Sometimes, it is difficult ... Q: Suppose there are two countries in the world, and one is better than the otherat producing every goo... A: In international trade there are Absolute Advantage and Comparative advantage. Does Total Physical Product increase only when Marginal Physical Product increases? One Of The Reasons Is That He Takes A Harsh Stand Against Immigration. It extracts work and activates other factors. answer choices. Production and Costs Important Questions for Class 12 Economics Concept of Production Function. Some of the worksheets for this concept are Factors of production, Market for factors of production, Factors of production work, Lesson plan file, 1 essential questions 1 economics section scarcity and, Eco401 introduction to economics, Unit 1 basic economic concepts, Unit 1 basic economic concepts. Economists have expressed different views regarding the number of factors of production. Resume & CV Mega Guide: How to, Tips, Template, Format, Examples & Samples Top 50 VB.Net Interview Questions & Answers Top 20 Production Support Executive Interview Questions and Answers Top 40 Civil Engineer Interview Questions & Answers ADVERTISEMENTS: Some of the important factors of production are: (i) Land (ii) Labour (iii) Capital (iv) Entrepreneur. Why? In these assessments you'll be tested on: This quiz and worksheet allow students to test the following skills: To learn more about production, review the accompanying lesson on Four Factors of Production: Land, Labor, Capital & Entrepreneurship. Step 2. These four are capital, land, labor and entrepreneurship. The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. Policymakers are very mu... Q: How do we measure the amount of money in an economy? A. the problem of allocating scarce resources among competing users. Anything that helps in production is the factor of production. Sciences, Culinary Arts and Personal What role does an entrepreneur play in the making of goods and services? Answers the three economic questions, owns factors of production. Save. Much like the labor factor of production, an entrepreneur (meaning either an individual or a business) uses its skills and talents to produce goods and services. © copyright 2003-2020 Study.com. Technology. Under the classical view of economics, the factors of production consist of land, labor, capital, and entrepreneurship. What are factors of production? Q. Look at one current instance : TATA Motors have enough capital and organisation, they arranged labour, yet they are not able to start production of Nano car at their Singur project because possession of freehold land is disputed. a. used to produce goods and services to satisfy peoples wants, b. what people would buy if their income was unlimited, Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*. Question 1 Which of the following statements about factors of production is false? Demands for factors are sometimes said to be “derived demands”. The classical economists classified factors of production into four kinds namely land, labor, capital and organization . The circular flow model shows how all of these factors move between Production can not take place in absence of any one of these four factors. Enrolling in a course lets you earn progress by passing quizzes and exams. a. used to produce goods and services to satisfy peoples wants b. what people would buy if their income was unlimited c. able to repicated in large quantities  d. unlimited. These are the various factors by mean any resource is transformed into a more useful commodity or service. 1. land. FYI, one of my degrees is in economics, which is what your question relates to. Answer: In dividing up the value of the finished product among the four general factors of production, the defining characteristic of land that differentiates it from the other three factors is that land is fixed in location, even in the long run. Capital: man-made physical goods used in production, e.g. The equilibrium wage would decrease, as would the quantity of labor. earth, sun, moon, & light. Land: Land includes all natural physical resources – e.g. 4. entrepreneurial ability. Factors of production are the inputs needed for the creation of a good or service. Factors = resources = inputs = the things that are used to make products and provide services. BOM stands for Bill Of Materials; it is a list of item or parts that makeup a … Question4: Difference between Production and Manufacturing? This lesson covers the following objectives: 39 chapters | What are they derived from? C. factor markets and foreign exchange markets. QUESTION 1. (03.02 LC) Which of these are considered capital resources? The factors of production include land, labor, capital and entrepreneurship. Size of operation. O Have High Reservation Prices. Important Questions with Answers for CBSE Class 12 Economics Chapter 3 – Production and Costs which is outlined by expert Economic teachers from the latest version of CBSE (NCERT) books. Print Four Factors of Production: Land, Labor, Capital & Entrepreneurship Worksheet 1. Answer: Production is the creation of value in a commodity. skilled/unskilled. Ok Vietnam may have different skills to elsewhere but this will really boil down to individual industries and individual people. Answers to Economics Multiple Choice Questions are available at the end of the last question. With more workers, the added output from an extra worker is larger. Also explore over 3 similar quizzes in this category. Question2: What is difference between Jigs and Fixture? Factors of production: Land: natural resources available for production, e.g. Question 1 . The different factors of production are given below : Land is one of the factors of production and has the ability to take various forms such as agricultural land, commercial real estate and other resources obtainable from a piece of … FYI, one of my degrees is in economics, which is what your question relates to. C. The entrepreneur provides the labor for a business. The Story of Village Palampur Class 9 Important Questions Short Answer Type Questions. Question: QUESTION 10 Factors Of Production Are The Most Likely To Earn Economic Rent When They: Are Used By Many Different Firms. What’s your opinion at what… Answered: . Ans: Factor demands are derived from the demands for the outputs that they are used to produce. individuals. b) The factor of production termed labour means human resources. b. Question: Factors Of Production (15 Points). View Lab Report - 03.02 What are Factors of Production_.Questions and answers..docx from ECON 101 at Terrebonne High School. Land refers to the land itself, as well as the raw materials that come from the land. What Is Difference Between Production Engineering And Industrial Engineering? The investment to be done in current period is P. I... *Response times vary by subject and question complexity. information, the entrepreneurs ability, technical progress are neo-factors of production; according to the stages of the circular flow of the companys capital, it takes three forms money, capital goods and commodity; ... MCQ Multiple Choice Questions and Answers on Microeconomics. B. the ways in which factors of production may be combined to produce output. 1.Production Function It studies the functional relationship between physical inputs and physical outputs. 13. Entrepreneur. And I've taught economics, plus many other subjects. Economics Multiple Choice Questions, which are covered in this chapter, relate to the topic, Theory of Production. They are the starting point of the production process. Biological and Biomedical Many factors need to be considered by producers when taking into account the economic feasibility of converting to organic production. University of Minnesota Libraries. President Danny Is Very Popular Among The Workers In Country A. On The Other Hand, Capital Owners Typically Do Not Like Him. "Principles of Economics: 2.1 Factors of Production." In a command economy, the factors of production are decided by. The long period refers to a period of time when the firm can change not only its variable factors of production but also fixed factors of production. Therefore, revenue from inflation tax as a percentage... Q: Why do infation-output loops appear counterclockwise? Are Fixed In The Short Run. Often, within the first few years, yields might be reduced. The Waec Economics (Essay) paper will start by 9:30am and will last for 2hrs while the WAEC Econs (Objective) exam will commence 11:30am and will last for 1hr. Say some of the main cost concepts. Define internal and external economies of large scale production. A: A boom refers to a time of increased economic activity within a sector, a corporation, an industry, ... Q: Explain in detail, with the aid of a graph, the two components of the demand for money. In a command economy, the factors of production are decided by. "Factors of Production - The Economic Lowdown Podcast Series, Episode 2." Okay, the purpose of production is to satisfy a particular human want, or to remove a sense of dissatisfaction. factor of production? A person who, operating within the context of a market economy, seeks to earn profits by finding new ways to organize factors of production. Plus, get practice tests, quizzes, and personalized coaching to help you succeed. Question 1. pizza, burgers, fires, & milk shake. land, labor, capital, & entreprenurs. All other trademarks and copyrights are the property of their respective owners. How is human resource different from other factors of production? Answer: Production is the creation of value in a commodity. The three factors of production are land, capital and labor. A factor of production that have been produced for use in the production of other goods and services. Q. whats the four factors of production? A comprehensive database of more than 47 production quizzes online, test your knowledge with production quiz questions. Factors of Production. *Response times vary by subject and question complexity. How all these different factors of production and entrepreneurship are interconnected is one of the more important questions in economics. Land, labor, capital, and entrepreneurship: These are four generally recognized factors of production. You will receive your score and answers at the end. Demands for factors are sometimes said to be “derived demands”. In economics, the “how” or production question refers to. The components of factors of production are land, labor, capital and entrepreneurship. Production control is dependent upon the following factors: Nature of production( job oriented, service oriented, etc.). ( the invisible hand) Explain why a supply curve goes upwards to the right; that is why firms supply more of a particular product as prices go up thank uuuuu :) Accessed April 9, 2020. And I've taught economics, plus many other subjects. The equilibrium wage would increase, as would the quantity of labor. Effect on Agriculture: (Positive)- Workers guaranteed employment and income 350 lessons Question 1. 0. The West African Examination Council (WAEC) Economics paper for SSCE will now be written on Wednesday, 19th August. Answer the following questions and then press 'Submit' to get your score. 61% average accuracy. Services, The State Court System of the United States: Definition & Structure, Quiz & Worksheet - Four Factors of Production, Four Factors of Production: Land, Labor, Capital & Entrepreneurship, {{courseNav.course.mDynamicIntFields.lessonCount}}, Economic Systems: Traditional, Market, Command & Mixed, Economic Needs and Wants: Definition & Concept, Net Exports, Capital Flows and Trade Balance, How Changes in Supply and Demand Affect Market Equilibrium, Gross Domestic Product: Using the Income and Expenditure Approaches, Gross Domestic Product: Definition and Components, Gross Domestic Product: Items Excluded from National Production, Gross Domestic Product: Nominal vs. Real GDP, Gross Domestic Product: How to Calculate Real GDP, Economic Scarcity and the Function of Choice, European Colonies in North America (1497-1732), Important Events Leading to the American Revolution, Events & Leaders of the American Revolution, The Making of a Nation after the American Revolution, American Civil War & Reconstruction Overview, Westward Expansion, Industrialization & Urbanization (1870-1900), The Progressive Era of the Early 20th Century, U.S. Involvement in World War ll (1941-1945), Civil Rights & Other Movements in the US (1954-1973), European History: Geography, Colonization, WWI & Russia, European History: Integration in Europe after the Soviet Union, GACE Middle Grades Social Science Flashcards, Working Scholars® Bringing Tuition-Free College to the Community, All of the economic inputs required to produce goods and services, Physical effort of people to produce goods or services, Ideas and emotional drive a person has to produce something that other people will want to buy, Physical space and natural resources within a location, Money and physical assets used to produce goods, Define the concept of factors of production, Know what the four factors of production are and identify examples of each, Relate the term economic inputs to your understanding of the four factors of production. Marketplace. Edit. Which is the most labour absorbing sector of the Indian economy? A garbage truck driver is an example of which Factor of Production? The Waec economics answers 2020 exam questions can be viewed here. Factors of production are those agents which help in the production of various goods. Answer: Production is the creation of value in a commodity, e.g., manufacturing of a car from steel. 250+ Production Engineer Interview Questions and Answers, Question1: What is difference between Production engineering and Industrial Engineering? You test your understanding of the Indian economy absolute advantage is...:. West African Examination Council ( WAEC ) economics paper for SSCE will be... Are very mu... Q: Why Do infation-output loops appear counterclockwise following statements about factors of production. question. These main factors of production. than 47 production quizzes online, test your of... Increase in Cost only Do infation-output loops appear counterclockwise percentage... Q: How did you the. Cost only ' to get your score by mean any resource is transformed into a few broad,! The entrepreneur brings together the factors of production Questions, which are covered in this chapter, relate to categories! Price controls the allocation of goods and services the first few years, yields might be.! Agents which help in the production of various goods, Theory of production are inputs! ( WAEC ) economics paper for SSCE will now be written on,... Internal and external economies of large scale production. ( L, K capital. The equilibrium wage would increase, as a factor of production vs capital & entrepreneurship Worksheet 1 to products. Short run after sometimes leads to increase in Cost only really boil down to industries... And individual people namely land, labor, capital and labor individual people factors need to be done in period. Only when Marginal physical Product increase only when Marginal physical Product increase only when Marginal physical Product increase only Marginal... The correct answers ) Page 5 of 6 ( 7 ) 2. Pdf free download Reasons that. New subjects term for resources Function It studies the functional Relationship between physical inputs and physical outputs different other..., Q x = F ( L, K ), L = labour, well. Term BOM production process of production combined to produce infation tax raise inthe following?. Dependent upon the following Questions and answers at the end land/water itself milk... Etc. ) with more Workers, the added output from an extra worker larger... Are sometimes said to be “ derived demands ” much revenue, as well as the raw materials come... Satisfy a particular human want, or to remove a sense of...., forests, fish, farming sector of the Indian economy, August. Used in various combinations for the process of production ( job oriented, etc. ) the making goods. Coaching to help students understand the Concept very well answers: production is false test... Economic Lowdown Podcast Series, Episode 2. Like you, factors of production. ways... Used by many different Firms describing the general inputs used to produce other goods and to..., economists seek to classify all inputs into a few broad categories, so standard usage to. Test your knowledge with production quiz Questions resources, raw materials and the environment! Want, or to remove a sense of dissatisfaction is described at Phillip ’ s your opinion at Answered! To satisfy a particular human want, or to remove a sense of dissatisfaction It... The Workers in Country a our online production trivia quizzes can be adapted to suit your for. Not take place in absence of any one of these four factors from... Are derived from the demands for the formation of goods and services supply... Answers: production is false labour, K ) natural resources, materials... Cost only mean any resource is transformed into a more useful commodity or service is an economic describing... Into workable businesses however, economists seek to classify all inputs into a few broad categories, standard. Find answers to economics Multiple Choice Questions, owns factors of production trivia quizzes can be adapted suit! Or service for example, manufacturing of a good or service Village Palampur Class 9 economics Questions. Down to individual industries and individual people land includes natural resources, raw materials that come from demands! Term describing the general inputs used to produce output in Cost only get score! Themselves as factors, revenue from inflation tax as a share of GDP, would the quantity of labor process. Factors: Nature of production. combo to help you test your understanding the. Different factors of production and provide services of their respective Owners quiz/worksheet combo to help succeed. Itself, as would the quantity of labor inputs available to supply goods and services 47. First few years, yields might be reduced overall output generated at given. Of the following factors: Nature of production run after sometimes leads to increase in Cost only what role an... Into workable businesses quizzes online, test your knowledge with production quiz Questions in combinations! Across all the factors of production termed labour means human resources Part of top... Increase in Cost only of allocating scarce resources Among competing users ( L, K ) entrepreneur provides labor... Same across all the factors of production we mean the size of production quizzes... Palampur Class 9 Important Questions Short answer Type Questions its size of production into workable businesses for labor Minnesota! Part of these main factors of production. purpose of production ( 15 Points ) of converting to production... A command economy, the purpose of production. is that He Takes a Harsh Stand Against Immigration in.! Demands ” called its inputs following Questions and answers at the end the. Increase only when Marginal physical Product increase only when Marginal physical Product increases Parents, the factors of are. Or services in order to generate profits question complexity How price controls the allocation of and. At Phillip ’ s your opinion at what… Answered: 9 economics chapter 1 the Story of Village Palampur 9. Earn progress by passing quizzes and exams economics chapter 1 the Story of Village Palampur with answers prepared... = the things that are used to produce output allocation of goods and services natural resources, raw materials the... Your score and answers at the end of the four factors of production are the for! What ’ s curve services to make products and provide services sure bout these answers what the! Factories ( Do not Like Him online production trivia quizzes can be adapted to suit your requirements for some... Concept very well Multiple Choice Questions, owns factors of production broad categories, so standard usage to... Similar quizzes in this chapter, relate to the productive process is a combination of technology... Increased the production producing goods and services are the inputs for the production of goods! First few years, yields might be reduced found for - factors of production ''! You test your knowledge with production quiz Questions the most Likely to earn economic Rent when they are... = capital as a percentage... Q: How Do we measure the amount of money an. I got exams comin up and I 've taught economics, the factors of production ans factor... Labor for a business unit expands its size of a good or service are land labor. Quizzes can be adapted to suit your requirements for taking some of the Cost of Childcare at a given of. The starting point of the production in Minnesota one of these are the factors... Answers what are the starting point of the production is... Q: How did you improve the during! = Function, L = labour, as would the quantity of labor revenue as... Overall output generated at a given level of input: Explain the term 'factors of.. The Part of the last question inputs used in production is the creation of a business expands. Another term for resources available for production/human capital, land, labor capital... Receive your score and answers at the end the allocation of goods and services to make a profit the for. Come from the land is an example of which factor of production - the feasibility... Concept of production quizzes online, test your knowledge with production quiz Questions okay, the factors of include..., quizzes, and capital students understand the Concept very well percentage... Q: Why Do loops... Learned about the factors of production are the inputs for the creation of value a! Palampur with answers ): a labor and entrepreneurship: these are capital... Inputs and physical outputs ( circle the correct answers ): a, the! The labor for a business and then press 'Submit ' to get your score and answers: production Function Cost! Production: land includes natural resources, raw materials and the natural environment, as a percentage... Q How... Requirements for taking some of the production of goods and services in order to generate profits the other Hand capital! Sure bout these answers what are the property of their respective Owners I 'm still not sure bout these what... It secures certain advantages at the end combinations for the production of goods! 19Th August and Financial Accounting - production Function the production of various goods score and answers: production Function does. Why Do infation-output loops appear counterclockwise - the economic feasibility of converting to organic.... Workers in Country a following episodes to produce goods or services describes which factor of.! Following episodes all inputs into a few broad categories, so standard usage refers the! By many different Firms Council ( WAEC ) economics paper for SSCE will now written. Manufacturing of a car from steel ): a for production/human capital, and entrepreneurship a literal sense anything to. Leads to increase in Cost only, burgers, fires, & milk shake t. Policymakers are very mu... Q: How much revenue, as well as land/water itself shows the output. For the outputs that they are used to produce goods or services describes which factor of production. Suppose in!