Multiple Choice
Which term refers to all of the people who are willing and able to work in an economy?
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0. Basic Principles of Economics
Factors of Production
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Which two major types of agents are commonly used by producers in the context of factors of production?
A
Entrepreneurship and government
B
Labor and capital
C
Land and technology
D
Money and raw materials
Verified step by step guidance1
Understand the concept of factors of production, which are the inputs used by producers to create goods and services.
Recall that the major types of factors of production traditionally include Land, Labor, Capital, and Entrepreneurship.
Identify that among these, Labor refers to human effort used in production, and Capital refers to man-made resources like machinery and tools.
Recognize that the question asks for the two major types commonly used by producers, which are Labor and Capital.
Eliminate other options such as Entrepreneurship and government, Land and technology, and Money and raw materials, since they either mix categories or are not primary factors.
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