GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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all the raw materials that mined and used in difference resources to create goods and services for the consumer
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all the raw materials and other natural resources that go into the production of goods and services
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all the raw materials that are offered to producers as goods and services for the consumer
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all the raw materials that are mined in minecraft
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Detailed explanation-1: -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-2: -The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests.
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: -Land as a factor of production includes the natural resources used to create a good or service. These can be renewable resources like forests or nonrenewable resources like oil, gold or water, says Edward Petersmarck, executive director of practice development at M&O Marketing.
Detailed explanation-5: -In the terminology of environmental economics, land can be regarded as a stock renewable resource.