Factors of Production (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
13 questions from this quiz
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Practise the questions
13 questions from this quiz
What are factors of production?
What are factors of production?
Resources businesses need to make goods
How many main factors of production are there?
How many main factors of production are there?
Four
Which of these best describes the factor of production called land?
Which of these best describes the factor of production called land?
All natural resources from the earth
What is the difference between renewable and non-renewable resources?
What is the difference between renewable and non-renewable resources?
Renewable can be used repeatedly
What is the economic return for the factor of production called land?
What is the economic return for the factor of production called land?
Rent
What does the factor of production called labour refer to?
What does the factor of production called labour refer to?
All human effort, skills and abilities
What is the economic return that workers receive for providing labour?
What is the economic return that workers receive for providing labour?
Wages or salaries
What does the factor of production called capital consist of?
What does the factor of production called capital consist of?
Human-made resources for production
How does capital differ from land?
How does capital differ from land?
Capital is created by humans
What is the economic return for the factor of production called capital?
What is the economic return for the factor of production called capital?
Interest
Which activity is part of providing enterprise?
Which activity is part of providing enterprise?
Identifying business opportunities
What is the economic return for the factor of production called enterprise?
What is the economic return for the factor of production called enterprise?
Profit or loss
Why must all four factors of production work together?
Why must all four factors of production work together?
Missing any one makes production impossible