Question

which of the following is an example of capital as a factor of production? *
a. land
b. tools and machines
c. labor force
d. natural resources
entrepreneurs benefit society by: *
a. creating jobs and new products
b. eliminating scarcity
c. controlling government policy
d. removing opportunity costs
which of the following is a risk of entrepreneurship? *
a. guaranteed profit
b. business failure
c. unlimited resources
d. no competition

Explanation:

1. Capital in production refers to man - made goods used to produce other goods and services. Tools and machines are man - made and aid in production, so they are capital.
2. Entrepreneurs start businesses which create jobs and introduce new products to the market, benefiting society.
3. Entrepreneurship involves uncertainty, and business failure is a common risk as not all business ventures are successful.

Answer:

1. B. Tools and machines
2. A. Creating jobs and new products
3. B. Business failure