Multiple Choice
In the context of factors of production, what would tortilla manufacturers have needed to do in order to make the same profit if the price of flour increased?
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0. Basic Principles of Economics
Factors of Production
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The people who perform jobs and tasks are part of which factor of production?
A
Labor
B
Capital
C
Land
D
Entrepreneurship
Verified step by step guidance1
Understand the concept of factors of production, which are the inputs used in the production of goods and services.
Recall that the main factors of production are typically classified into four categories: Land, Labor, Capital, and Entrepreneurship.
Identify that 'Labor' refers to the human effort, both physical and mental, used in the production process.
Recognize that 'Capital' refers to man-made resources like machinery and tools, 'Land' refers to natural resources, and 'Entrepreneurship' refers to the ability to organize the other factors and take risks.
Conclude that the people who perform jobs and tasks are part of the 'Labor' factor of production.
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