BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land
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Labor
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Capital
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Entrepreneurship
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Detailed explanation-1: -An entrepreneur is a person who combines the other factors of production to run a business and earn a profit.
Detailed explanation-2: -The fourth factor of production is entrepreneurship. An entrepreneur is a person who combines the other factors of production-land, labor, and capital-to earn a profit.
Detailed explanation-3: -Market Theory The allocation of resources by entrepreneurs across different businesses and production processes is determined by the profits they hope to make by producing output that their customers will value beyond what the entrepreneurs paid for the inputs.
Detailed explanation-4: -Capital is a factor of production that has been produced for use in the production of other goods and services. Office buildings, machinery, and tools are examples of capital. Natural resources are the resources of nature that can be used for the production of goods and services.
Detailed explanation-5: -The factors of production are land, labor, capital, and entrepreneurship.