3.6 Firms & Production
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deanhoss
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10 QuestionsShow answers
  • Question 1
    30 seconds
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    Q. The creation of any kind of good or service is known as:
    answer choices
    Input
    Resources
    Production
    Entrepreneurship
  • Question 2
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    Q. All of the things necessary for production are known as:
    answer choices
    Production
    Entrepreneurship
    Outputs
    Resources
  • Question 3
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    Q. The human effort involved in the production of goods and services is known as:
    answer choices
    Capital
    Entrepreneurship
    Labor
    Land
  • Question 4
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    Q. The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):
    answer choices
    Entrepreneurship
    Capital
    Land
    Labor
  • Question 5
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    Q. All natural resources that go into the production of a good or service:
    answer choices
    Capital
    Entrepreneurship
    Land
    Labor
  • Question 6
    30 seconds
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    Q. Anything within the production process, whether human or technological, that makes production more efficient
    answer choices
    Entrepreneurship
    Capital
    Land
    Labor
  • Question 7
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    Q. Any technology/machinery involved in the production process:
    answer choices
    Human Capital
    Physical Capital
    Investment Capital
    Enterprise Capital
  • Question 8
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    Q. Money used to re-invest in a firm and further its business objectives
    answer choices
    Human Capital
    Physical Capital
    Investment Capital
    Enterprise Capital
  • Question 9
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    Q. An individual's knowledge or skills that make production of a good/service more efficient
    answer choices
    Human Capital
    Physical Capital
    Investment Capital
    Enterprise Capital
  • Question 10
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    Q. In a competitive economy, which firms will have the most access to the factors of production (productive resources)?
    answer choices
    The firms that are most successful in meeting consumer demand
    The firms that are least successful in meeting consumer demand
    The firms that have the most production experience
    The firms that offer the greatest variety of goods/services
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