Factors of Production Worksheet
A Grade 12 Social Studies worksheet covering the four factors of production: land, labor, capital, and entrepreneurship.
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Factors of Production
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Read each question carefully and provide your best answer. This worksheet assesses your understanding of the four factors of production and their roles in economic activity.
1. Which of the following is considered a primary factor of production, referring to all natural resources used in production?
Capital
Labor
Land
Entrepreneurship
2. The human effort, both physical and mental, used in the production of goods and services is known as:
Capital
Labor
Land
Entrepreneurship
3. The payment for the use of land as a factor of production is called .
4. refers to the tools, machinery, and buildings used in the production process.
5. The factor of production that combines the other three factors to create new goods and services is known as .
6. Education and training that improve the skills of the workforce are examples of human capital.
True
False
7. A forest is considered capital because it can be used to produce goods like lumber.
True
False
8. Explain the difference between physical capital and human capital, providing an example for each.
9. Discuss the role of entrepreneurship as a factor of production in a modern economy.
Match each factor of production with its corresponding payment.
10. Land
a. Profit
11. Labor
b. Rent
12. Capital
c. Wages
13. Entrepreneurship
d. Interest
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