Blank Book

1. What is the productivity?

2. What does scarcity mean?

3. Give 3 ways to increase productivity.



Fill in the blank with the given words.

Land Labour Capital Entrepeneur


Productivity Scarcity Opportunity cost


1. What is the person who organizes the other three factors of production in order to start a
business?


2. What is the work done by people to produce goods or services. In other words, it is the
skills and e ort of people towards the production of goods or services?


3. What includes man-made resources such as money, cash, machinery and tools used in
the production of goods or services?


4. What refers to the ground, building and all the natural resources such as forests oil coal
and natural gas that are used in producing goods or services?


5. What is the value or bene t of something that has to be given up to acquire something
else?


6. What does cause to make an economic choice?


7. What is the measure of output from a production process per unit of input such as labour
and capital?



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