Factors Of Production B
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Human Resource
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Land
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Labor
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Capital
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Entrepreneurship
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About This Quiz
Explore the core components of economic production: labor, capital, land, and entrepreneurship, through targeted questions.
Questions and Answers
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Chainsaw
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Land
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Labor
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Capital
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Entrepreneurship
Correct Answer
A. CapitalExplanation
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:
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- 3.
Ire Ore
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Land
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Labor
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Capital
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Entrepreneurship
Correct Answer
A. LandExplanation
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:
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- 4.
Natual Resource
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Land
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Labor
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Capital
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Entrepreneurship
Correct Answer
A. LandExplanation
Land is considered a natural resource because it refers to the physical surface of the Earth, including all the natural resources found on or under it. It includes not only the land itself but also the minerals, forests, water, and other resources that can be found on or within it. This makes land an essential factor of production in various industries and economic activities.Rate this question:
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- 5.
Risk Taker
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Land
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Labor
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Capital
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Entrepreneurship
Correct Answer
A. EntrepreneurshipExplanation
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:
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Current Version
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Mar 21, 2022Quiz Edited by
ProProfs Editorial Team -
Jan 21, 2009Quiz Created by
Judy Skelton
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