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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Quality
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Detailed explanation-1: -The factors of production in an economy are its labor, capital, and natural resources. Labor is the human effort that can be applied to the production of goods and services.
Detailed explanation-2: -The second factor of production is labor. 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-3: -Labor: Labor constitutes one of the important factors of production. This factor involves human services and efforts for the production of goods or services.
Detailed explanation-4: -Labour is a unique factor of production in comparison with others. It is directly related to human effort, unlike the others.