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5.1: Introduction to Factor Markets
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AP Microeconomics notes from Unit 5, Section 1: These notes cover the factors of production and the labor market.
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Some examples from this set of practice questions
1.
What are the four factors of production?
Answer: Land, labor, capital, and entrepreneurship
2.
Define land as a factor of production.
Answer: All natural resources that are used to produce goods and services
3.
Define labor as a factor of production.
Answer: Any effort a person devotes to a task for which that person is paid
4.
Define physical capital as a factor of production.
Answer: Any human-made resource that is used to create other goods and services
5.
Define human capital as a factor of production.
Answer: Any skills or knowledge gained by a worker through education and experience
6.
Define entrepreneurship as a factor of production.
Answer: Ambitious leaders that combine the other factors of production to create goods and services
7.
How is land paid for?
Answer: Rent
8.
How is labor paid for?
Answer: Wages
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