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Which of the following best describes a factor that limits economic growth?
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1. Introduction to Microeconomics
Factors of Production
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Which of the following is NOT one of the four main categories of economic resources (factors of production)?
A
Capital
B
Technology
C
Land
D
Labor
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Recall that the four main categories of economic resources, also known as factors of production, are Land, Labor, Capital, and Entrepreneurship.
Understand that 'Land' refers to all natural resources used in production, such as minerals, water, and soil.
Recognize that 'Labor' represents the human effort, both physical and mental, used in producing goods and services.
Know that 'Capital' includes man-made resources like machinery, buildings, and tools used to produce other goods.
Identify that 'Technology' is not considered a separate factor of production but rather a way to improve the efficiency of the existing factors.
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