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Which of the following are considered basic types of resources (factors of production) used by producers?
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1. Introduction to Microeconomics
Factors of Production
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Which of the following do economists consider to be capital?
A
Raw materials like wood and steel
B
Labor provided by workers
C
Machinery used in a factory
D
Money held in a savings account
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Understand the definition of capital in economics: Capital refers to man-made resources used in the production of goods and services. These are physical assets that help produce other goods.
Evaluate each option against this definition: Raw materials like wood and steel are natural resources or inputs, not capital because they are not produced goods used to produce other goods.
Labor provided by workers is considered a factor of production but is classified as labor, not capital.
Machinery used in a factory fits the definition of capital because it is a man-made tool or equipment used to produce goods.
Money held in a savings account is a financial asset, not physical capital, so it is not considered capital in the economic sense.
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