ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land and labor
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Technology products and entrepreneurship
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Physical capital and financial capital
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all of the products produced in an economy
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Detailed explanation-1: -The 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: -Capital refers to all manmade resources used in the production process. It is a produced factor of production.
Detailed explanation-3: -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-4: -Money is not considered as a factor of production. Money is medium of exchange and hence it cannot help to increase the productivity of an economy like other factors of production, thus the factors of production are Land, Labour, Capital and Entrepreneurship.
Detailed explanation-5: -Physical Capital. Land. Human Capital. Labour.