Factors Of Production A
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Assembly line worker
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Land
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Labor
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Entrepreneurship
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Capital
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About This Quiz
Explore the core elements of production in economics through identifying roles and resources such as labor, entrepreneurship, capital, and land.
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- 2.
Henry Ford
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Capital
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Land
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Labor
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Entrepreneurship
Correct Answer
A. EntrepreneurshipExplanation
Henry Ford is associated with entrepreneurship because he was the founder of the Ford Motor Company and played a significant role in revolutionizing the automobile industry. As an entrepreneur, Ford took risks, organized and managed resources such as capital, land, and labor to create a successful business. He was known for his innovative ideas, such as the assembly line production method, which made cars more affordable and accessible to the masses. Ford's entrepreneurial skills and vision contributed to the growth and development of both his company and the American economy.Rate this question:
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- 3.
Factory
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Land
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Labor
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Capital
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Entrepreneurship
Correct Answer
A. CapitalExplanation
The term "capital" refers to the financial resources or assets that are used to start and operate a business. In the context of the given question, the other options - factory, land, labor, and entrepreneurship - are all factors of production that are necessary for the production of goods or services. However, without capital, it would be difficult to acquire the necessary resources, invest in technology and equipment, and sustain the business operations. Therefore, capital is an essential component for the establishment and growth of a business.Rate this question:
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- 4.
Natural 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 beneath it. Land encompasses not only the soil, but also the minerals, water bodies, forests, and other natural elements present on the Earth's surface. It is an essential factor of production and plays a crucial role in various economic activities such as agriculture, mining, and construction. Additionally, land is a finite resource, making its management and conservation important for sustainable development.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 calculated risks to create and grow a successful business. Entrepreneurs are known for their innovative thinking, problem-solving skills, and ability to adapt to changing market conditions. They play a crucial role in driving economic growth and creating job opportunities.Rate this question:
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- 6.
Iron 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. Land is a factor of production that refers to all natural resources such as minerals, forests, water, and land itself. In the context of iron ore, land is essential as it is where the ore is extracted from mines. The availability and quality of land can greatly impact the productivity and profitability of iron ore mining operations. Additionally, land also includes the location of the mines, which can affect transportation costs and accessibility to markets. Therefore, land plays a crucial role in the production of iron ore.Rate this question:
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- 7.
Machinery
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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, tools, equipment, and infrastructure used in the production of goods and services. It includes both physical capital, such as machinery and technology, as well as financial capital, such as money and investments. In the context of the given options, capital is the most appropriate answer as it represents the essential resources needed for the production process. Land, labor, and entrepreneurship are also important factors of production, but capital specifically focuses on the financial aspect and physical assets required for production.Rate this question:
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- 8.
Foreman
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Land
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Labor
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Capital
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Entrepreneurship
Correct Answer
A. LaborExplanation
The term "labor" refers to the physical and mental effort exerted by individuals in the production of goods and services. In the context of the given options, "foreman" typically refers to a person who supervises and manages the work of others, which falls under the category of labor. On the other hand, "land," "capital," and "entrepreneurship" represent different factors of production, such as natural resources, tools and machinery, and the organization and risk-taking abilities of individuals respectively. Therefore, out of the given options, "labor" is the most appropriate answer as it directly relates to the concept of work and employment.Rate this question:
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- 9.
Tools
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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. It includes money, machinery, equipment, buildings, and other physical assets that are used in the production process. In the context of the given question, capital is one of the factors of production alongside land, labor, and entrepreneurship. It is an essential input in the production process as it enables the purchase of resources and the creation of infrastructure necessary for production. Without capital, it would be difficult to start or expand businesses and generate economic growth.Rate this question:
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- 10.
Nurse
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Land
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Labor
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Capital
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Entrepreneurship
Correct Answer
A. LaborExplanation
The term "labor" refers to the physical and mental effort that is put into the production of goods and services. In the context of the given options, "nurse" can be considered as a profession that involves providing healthcare services, which requires physical and mental effort. This aligns with the concept of labor. On the other hand, "land" refers to natural resources, "capital" refers to financial assets, and "entrepreneurship" refers to the ability to organize and manage a business. While these concepts are important in the overall production process, they do not directly relate to the profession of a nurse. Therefore, the correct answer is "labor".Rate this question:
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Current Version
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Oct 06, 2023Quiz Edited by
ProProfs Editorial Team -
Jan 21, 2009Quiz Created by
Judy Skelton
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