ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land
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Labor
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Resources
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Infrastructure
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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: -Land is one factor of production. Economists lump all natural resources into the “land” category, such as water, diamonds, timber, gold, farmland, and crude oil.
Detailed explanation-3: -The four factors of production are land, labor, capital and entrepreneurship. Download the image. In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy.
Detailed explanation-4: -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