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When making a location decision at the region or community level, which factor of production is most likely to be influenced by local infrastructure and access to transportation?
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1. Introduction to Microeconomics
Factors of Production
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A clothing manufacturing plant would most likely be classified as which factor of production?
A
Labor
B
Entrepreneurship
C
Land
D
Capital
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Recall the four main factors of production in microeconomics: Land, Labor, Capital, and Entrepreneurship.
Understand that 'Land' refers to natural resources used in production, such as raw materials or physical space.
Recognize that 'Labor' involves human effort and work provided in the production process.
Know that 'Entrepreneurship' is the ability to organize the other factors and take risks to create goods or services.
Identify 'Capital' as the man-made resources used in production, such as machinery, tools, and buildings, which includes a manufacturing plant.
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