Production

Question 1

mechanism of making/manufacturing goods and services to meet level of human need and wants

Answer 1

production

Question 2

factor of production

limited and nonrenewable, the source of all raw material to be used in production process

Answer 2

land

Question 3

factor of production

includes human capital to produce goods and services

human capital - process of acquiring knowledge, skills , and intelect related to intended work of job

Answer 3

labor

Question 4

factor of production

refers to all man made materials needed to produce goods such as tools and equipment

Answer 4

capital

Question 5

factor of production

ability to take risks to start new businesses and innovate, driving economic growth

Answer 5

euntrepreneur

Question 6

business organizations

type of business managed by one person only, easiest to establish

Answer 6

sole proprietorship

Question 7

business organizations

owned by 2 or more people, they sign a formal agreement about equal rights in the business

Answer 7

partnership

Question 8

business organizations

established due to limited resources and for the benefit of all its members

limited to members only (ex: landers or snr)

Answer 8

cooperative

Question 9

business organizations

largest type of business organization, composed of many members called stockholders, they will invest their money through stocks

Answer 9

corporation