Factors of Production Worksheet
A Grade 7 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 answer to the best of your ability. This worksheet will test your knowledge of the four factors of production.
1. Which of the following is NOT considered a factor of production?
Land
Labor
Money
Capital
2. The natural resources used to produce goods and services are known as:
Labor
Land
Entrepreneurship
Capital
3. The human effort, both mental and physical, used in the production of goods and services is called .
4. Tools, machinery, and buildings used to produce other goods and services are examples of .
5. The factor of production that involves the risk-taking and innovation needed to start a new business is .
6. A factory building is an example of 'land' as a factor of production.
True
False
7. Education and training improve the quality of labor.
True
False
Match each factor of production with its correct example.
8. Land
a. A farmer working in a field
9. Labor
b. A computer used to design products
10. Capital
c. A forest providing timber
11. Entrepreneurship
d. A person opening a new restaurant
12. Briefly explain the difference between 'capital' and 'money' in the context of factors of production.
13. Give an example of how all four factors of production might be used to produce a basic good like a loaf of bread.