ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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scarcity
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capital
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payment
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labor
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Detailed explanation-1: -These are land, labour, capital and organisation.
Detailed explanation-2: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-3: -In economics, factor payments are the income people receive for supplying the factors of production: land, labor, capital or entrepreneurship. Payments made of scarce resources, or the factors of production in return for productive services.
Detailed explanation-4: -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-5: -Servicing is not a factor of a production process. The 4 factors of a production process includes: land, labour, capital and organization.