ECONOMICS (CBSE/UGC NET)

ECONOMICS

TECHNOLOGY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Your friend and you decide to open a snow cone stand. The training you give to the people you hire to run the stand are examples of which factor of production?
A
Capital Resources/Goods
B
Entrepreneurship
C
Human Capital
D
Natural Resources
Explanation: 

Detailed explanation-1: -The factors of production are land, labor, capital, and entrepreneurship.

Detailed explanation-2: -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-3: -Through investment, businesses can build up their stock of physical capital, which increases their capacity to produce goods and services. For example, when a restaurant purchases an additional grill, it increases its capacity to prepare food over any given time period.

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

There is 1 question to complete.