Multiple Choice
If a specific economy has extra capital resources available, it will most likely:
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0. Basic Principles of Economics
Factors of Production
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Which of the following lists correctly identifies the four factors of production in economics?
A
Labor, Capital, Management, Resources
B
Land, Labor, Capital, Entrepreneurship
C
Land, Labor, Capital, Government
D
Land, Labor, Technology, Money
Verified step by step guidance1
Understand that the four factors of production in economics are the basic inputs used to produce goods and services.
Recall the standard classification of these factors: Land, Labor, Capital, and Entrepreneurship.
Recognize that 'Land' refers to all natural resources used in production, 'Labor' is the human effort, 'Capital' includes machinery and tools, and 'Entrepreneurship' is the ability to organize the other factors and take risks.
Evaluate each list given in the problem to see if it matches the standard four factors of production.
Identify the list that contains Land, Labor, Capital, and Entrepreneurship as the correct answer.
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