1.

The value, or satisfaction, that people derive from the goods and services they consume
and thwe activities they pursue.
INCORRECT
No answer given
THE ANSWER
Utility

2. The knowledge that can be applied to the production of goods and services

INCORRECT

No answer given

THE ANSWER

Technology

3. The skills a worker has as a result of education, training, or experience that can be used
in the production of goods and services

INCORRECT

No answer given

THE ANSWER

Human Capital

2 Matching questions
1. Labour
INCORRECT
No answer given
THE ANSWER
B. Human effort that can be applied to the production of goods and services.

2. Land

INCORRECT

No answer given

THE ANSWER

A. The resources of nature that can be used for the production of goods and services.
 A. The resources of nature that can be used for the production of goods and
services.
B. Human effort that can be applied to the production of goods and services.

2 Multiple choice questions

1. A person who, operating within the context of a market economy, seeks to earn profits
by finding new ways to organize factors of production.
INCORRECT
No answer given
THE ANSWER
Entrepreneur

2. Includes money and other "paper" assets (such as stocks and bonds) that represent
claims on future payments which can be used directly or indirectly to purchase factors of
production or goods and services.
INCORRECT
No answer given
THE ANSWER
Finacial Capital

2 True/False questions
1. A factor of production that have been produced for use in the production of other goods
and services. → Utility
INCORRECT
No answer given
THE ANSWER
False
It should be → Capital

2. The resources available to an economy, namely Land, Labour, Capital and

Entrepreneur, for the production of goods and services. → Factors of Producton

INCORRECT

No answer given

THE ANSWER

True

Factors of Producton
The resources available to an economy, namely Land, Labour, Capital and Entrepreneur, for the
production of goods and services.
Utility
The value, or satisfaction, that people derive from the goods and services they consume and thwe
activities they pursue.
Labour
Human effort that can be applied to the production of goods and services.
Land
The resources of nature that can be used for the production of goods and services.
Capital
A factor of production that have been produced for use in the production of other goods and
services.
Entrepreneur
A person who, operating within the context of a market economy, seeks to earn profits by finding
new ways to organize factors of production.
Technology
The knowledge that can be applied to the production of goods and services
Human Capital
The skills a worker has as a result of education, training, or experience that can be used in the
production of goods and services
Finacial Capital
Includes money and other "paper" assets (such as stocks and bonds) that represent claims on
future payments which can be used directly or indirectly to purchase factors of production or
goods and services.