Multiple Choice
Which of the following can shift the resource demand curve in a market?
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0. Basic Principles of Economics
Factors of Production
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Which term refers to all of the people who are willing and able to work in an economy?
A
Capital
B
Entrepreneurship
C
Labor
D
Land
Verified step by step guidance1
Understand the key terms related to factors of production in microeconomics: Capital, Entrepreneurship, Labor, and Land.
Recall that 'Capital' refers to man-made resources used in production, such as machinery and tools.
Recognize that 'Entrepreneurship' is the ability to organize resources and take risks to create goods and services.
Know that 'Land' includes all natural resources used in production, like minerals, water, and land itself.
Identify that 'Labor' specifically refers to all people who are willing and able to work in an economy, making it the correct term for the question.
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