ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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air, sea, land
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land, labor, investment
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labor, land, capital
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earth, wind, fire
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Detailed explanation-1: -Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-2: -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-3: -Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship.
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: -Physical Capital. Land. Human Capital. Labour.