ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Farmland only
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Food crops grown on farmland as well as the farmland itself
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Goods and services that are produced from the land
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All natural resources used to produce goods and services
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Detailed explanation-1: -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.
Detailed explanation-2: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-3: -What Is Land in Economics? In economics, land is considered a factor of production, similar to labor, as one of the crucial elements in creating goods and services. Land resources, specifically, are raw materials in the production process, such as trees, oil, and metals.
Detailed explanation-4: -Economic resources Things that are inputs to production of goods and services. There are four economic resources: land, labor, capital, and technology. Technology is sometimes referred to as entrepreneurship.
Detailed explanation-5: -Economic resources are also called factors of production or inputs in the productive process. As these names imply, economic resources are required to produce the outputs desired by society.