ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Natural Resources
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Entrepreneuership
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Capital Resources/Goods
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All of these choices
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Detailed explanation-1: -The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
Detailed explanation-2: -All of the factors of production contribute to economic growth. No product can be made without raw materials (land). Those materials can’t be extracted, refined, and transformed without people working (labor). Those people can’t accomplish their work without tools and equipment (capital).
Detailed explanation-3: -Servicing is not a factor of a production process. The 4 factors of a production process includes: land, labour, capital and organization.
Detailed explanation-4: -Physical Capital. Land. Human Capital. Labour.