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Which of the following will be accomplished by efficient allocations of the factors of production?
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1. Introduction to Microeconomics
Factors of Production
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Which of the following is an example of a land resource?
A
A delivery truck
B
A factory building
C
An accountant's labor
D
A natural oil reserve
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Understand the definition of a land resource in microeconomics: Land refers to all natural resources used in production, which are not created by human effort.
Identify the options given and classify each according to the factors of production: land, labor, and capital.
Recognize that a delivery truck and a factory building are examples of capital because they are man-made physical assets used in production.
Note that an accountant's labor is an example of labor, which refers to human effort in the production process.
Conclude that a natural oil reserve is a land resource because it is a naturally occurring resource used in production without human creation.
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