ECONOMICS
TECHNOLOGY
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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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Entrepreneurs
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Capital
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Detailed explanation-1: -Most economic schools identify the same types of factors of production: land, labor, capital and entrepreneurship (intellectual capital and risk-taking).
Detailed explanation-2: -Physical capital consists of items like machinery, buildings, equipment, etc. Physical capital includes man-made goods that are used in the process of production for converting raw material to finished goods. Any new project requires a significant amount of investment in the physical capital.
Detailed explanation-3: -Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-4: -Capital goods are man-made, durable items used by businesses to produce goods and services. They include tools, buildings, vehicles, machinery, and equipment.