ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The physical talents of people to build things.
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Putting together productive resources to produce a good or service.
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Machines, tools, and devices used for production.
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The ability to harvest and use natural resources.
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Detailed explanation-1: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-2: -All goods and services are produced using productive resources (also known as factors of production). These resources are divided into four broad categories: natural (land), human (labor), capital and entrepreneurship.
Detailed explanation-3: -Entrepreneurs are the people who combine the other factors of production – land, labor and capital – to generate profit.
Detailed explanation-4: -There are three basic productive resources: natural resources, human resources, and capital resources. Natural resources are things such as minerals, water, trees, and land itself.