Factors of Production Worksheet
An 8th-grade social studies worksheet focusing on 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
Capital
Entrepreneurship
3. The human effort, both mental and physical, used in the production of goods and services is called .
4. Tools, machines, and buildings used to produce other goods and services are examples of .
5. The factor of production that involves the risk-taking and innovation necessary to start and manage a business is .
6. Explain the difference between 'physical capital' and 'human capital'.
7. Provide an example of how each of the four factors of production would be used to produce a smartphone.
8. A factory building is an example of land as a factor of production.
True
False
9. Education and training are ways to improve human capital.
True
False
Match each factor of production with its description.
10. Land
a. The process of combining the other factors of production to create new goods or services.
11. Labor
b. All natural resources used in production.
12. Capital
c. The tools, equipment, and facilities used to produce goods and services.
13. Entrepreneurship
d. The physical and mental efforts of people to produce goods and services.