BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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labor
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land
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entrepreneurship
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capital
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Detailed explanation-1: -What are some examples of labor as a factor of production? Labor is the effort that people contribute to the production of goods and services. Labor resources include the work done by the waiter who brings your food at a local restaurant as well as the engineer who designed the bus that transports you to school.
Detailed explanation-2: -Capital as a Factor of Production For example, a company that purchases a factory to produce goods or a truck that is purchased to do construction are considered to be capital goods. Other examples of capital goods include computers, machines, properties, equipment, and commercial buildings.
Detailed explanation-3: -Natural resources like gas, oil and coal are used up, or depleted, when a business uses them. The trucks that a delivery service owns are capital resources that can be used again and again, but the gas the company uses to operate them is depleted during use.
Detailed explanation-4: -Factors of production often include land, labor, capital goods and entrepreneurship.