ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A person opened a booth at a flea market to sell clothing. This is an example of which factor of production?
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capital
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entrepreneurship
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natural resources
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machinery
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Explanation:
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: -Inputs are any resources used to create goods and services. Examples of inputs include labor (workers’ time), fuel, materials, buildings, and equipment.
Detailed explanation-3: -Answer and Explanation: The correct answer is choice c. Land, labor, capital, and entrepreneurship.
Detailed explanation-4: -Land, labor, capital, and entrepreneurship are the factors of production.
There is 1 question to complete.