Production

Question 1

What is production in economics?

Answer 1

Production in economics refers to the process of creating goods and services.

Question 2

True or False: Factors of production include land, labor, capital, and entrepreneurship.

Answer 2

True

Question 3

Fill in the blank: The __________ of production refers to the resources used to produce goods and services.

Answer 3

factors

Question 4

What are the three main types of production?

Answer 4

The three main types of production are primary, secondary, and tertiary.

Question 5

Multiple Choice: Which type of production involves extracting natural resources? A) Primary B) Secondary C) Tertiary

Answer 5

A) Primary

Question 6

What is the role of capital in production?

Answer 6

Capital refers to the tools, machinery, and buildings used to produce goods and services.

Question 7

True or False: Labor refers only to physical work in the production process.

Answer 7

False

Question 8

Short Answer: Name one characteristic of entrepreneurship.

Answer 8

Entrepreneurship involves taking risks to create and manage a new business.

Question 9

What does the term ‘production possibility frontier’ (PPF) represent?

Answer 9

PPF represents the maximum output combinations of two goods that can be produced with available resources.

Question 10

Fill in the blank: The __________ effect shows how production can be increased by improving technology.

Answer 10

technological