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An improvement in production technology will most likely:
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1. Introduction to Microeconomics
Factors of Production
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Industrial machinery is an example of which factor of production?
A
Labor
B
Capital
C
Entrepreneurship
D
Land
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Understand the four main factors of production in microeconomics: Land, Labor, Capital, and Entrepreneurship.
Recall that 'Land' refers to natural resources used in production, such as minerals, water, and land itself.
Recognize that 'Labor' refers to human effort used in production, including physical and mental work.
Identify 'Capital' as man-made goods used to produce other goods and services, such as machinery, tools, and buildings.
Note that 'Entrepreneurship' involves organizing the other factors of production and taking risks to create goods or services, but does not include physical machinery.
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