Factors of Production Worksheet

An economics worksheet for Grade 9 students covering the four factors of production: land, labor, capital, and entrepreneurship.

Grade 9 Social studies EconomicsFactors of Production

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Includes

Multiple ChoiceFill in the Blanks2 Short AnswerMatchingTrue / False

Standards

D2.Eco.1.9-12. Explain how the factors of production and new technologies affect the production of goods and services.D2.Eco.2.9-12. Illustrate how markets allocate scarce resources through prices, incentives, and controls.

Topics

economicsfactors of productiongrade 9social studiesscarcity

8 sections · Free to use · Printable

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Factors of Production

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Read each question carefully and provide your best answer based on your understanding of the factors of production.

1. Which of the following is considered a 'factor of production' that refers to all natural resources used to produce goods and services?

Labor

Capital

Land

Entrepreneurship

2. The human effort, both mental and physical, used to produce goods and services is known as .

3. Any manufactured resource used to produce other goods and services, such as tools, machinery, and factories, is called .

4. Explain the role of 'entrepreneurship' as a factor of production. Provide an example.

Match each factor of production with its corresponding example.

5. Land

a. Factory building

6. Labor

b. Oil reserves

7. Capital

c. CEO organizing production

8. Entrepreneurship

d. Assembly line worker

9. Scarcity is a fundamental economic problem that all societies face, regardless of their factors of production.

True

False

10. Imagine a company that produces smartphones. Identify and describe how each of the four factors of production (land, labor, capital, entrepreneurship) are utilized in the creation of a smartphone.