AP Microeconomics- 4 Factors of Production

question

Land

answer

all natural resources used to produce a good

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Labor

answer

any effort a person devotes to a task which a person is being paid for

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Capital

answer

factor of production made to use in production of other goods

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physical capital

answer

any human made asset that is owned by a company to produce goods or services (buildings, cars, etc.)

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financial capital

answer

money and "paper" assets

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human capital

answer

skills a worker provides that can be used in production

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entrepreneurship

answer

ambitious leaders that combine the first 3 factors of production to produce goods and services

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characteristics of entrepreneurs

answer

they take initiative, are innovated, act as risk bearers so they can obtain profit

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question

Land

answer

all natural resources used to produce a good

question

Labor

answer

any effort a person devotes to a task which a person is being paid for

question

Capital

answer

factor of production made to use in production of other goods

question

physical capital

answer

any human made asset that is owned by a company to produce goods or services (buildings, cars, etc.)

question

financial capital

answer

money and "paper" assets

question

human capital

answer

skills a worker provides that can be used in production

question

entrepreneurship

answer

ambitious leaders that combine the first 3 factors of production to produce goods and services

question

characteristics of entrepreneurs

answer

they take initiative, are innovated, act as risk bearers so they can obtain profit

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