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One consequence of automation is that producers need fewer:
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1. Introduction to Microeconomics
Factors of Production
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Which factor of production is primarily involved when a firm uses raw materials to manufacture goods?
A
Entrepreneurship
B
Land
C
Labor
D
Capital
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Identify the four main factors of production: Land, Labor, Capital, and Entrepreneurship.
Understand that 'Land' refers to natural resources used in production, such as raw materials, minerals, and land itself.
Recognize that 'Labor' involves human effort and work used in producing goods and services.
Know that 'Capital' includes man-made resources used to produce other goods, such as machinery, tools, and buildings, but not raw materials themselves.
Understand that 'Entrepreneurship' is the ability to organize the other factors of production and take risks to create goods or services.
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