ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land, Capital, Need & Want
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Land, Labor, Capital, Entrepreneurs
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Water, Air, Food & Shelter
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Land, Capital, Good & Service
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Detailed explanation-1: -The 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: -Economists define four factors of production: land, labor, capital and entrepreneurship.
Detailed explanation-3: -Land comes under passive factors whereas labour comes under active factors. It is the labour that is required to get the product into the market. Land and Labour are called primary elements among the four factors of production. In economics, capital refers to money.
Detailed explanation-4: -Entrepreneurship as a factor of production is a combination of the other three factors. Entrepreneurs use land, labor, and capital in order to produce a good or service for consumers.
Detailed explanation-5: -Land as a factor of production. As a factor of production, land can take on various forms-from raw property to commercial real estate. Labor as a factor of production. Capital as a factor of production. Entrepreneurship as a factor of production. 15-Feb-2021