ECONOMICS
PRODUCTIVITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Yes, I understand this from the notes
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No, I don’t understand this from the notes
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No, I don’t understand this, as I have not read the notes
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None of the above
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Detailed explanation-1: -Land, labor, capital and entrepreneurship are the four categories of factors of production.
Detailed explanation-2: -Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else.
Detailed explanation-3: -What is a production process? A production process is a method of using economic input or resources, like labor, capital equipment or land, to provide goods and services to consumers.
Detailed explanation-4: -Production is the process of combining various inputs, both material (such as metal, wood, glass, or plastics) and immaterial (such as plans, or knowledge) in order to create output. Ideally this output will be a good or service which has value and contributes to the utility of individuals.