Multiple Choice
Which of the following factors of production do we typically have the least amount of control over?
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0. Basic Principles of Economics
Factors of Production
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Which of the following is NOT considered a land resource in economics?
A
Mineral deposits
B
A factory building
C
Rivers
D
Forest land
Verified step by step guidance1
Understand the definition of 'land' in economics: Land refers to all natural resources that are used to produce goods and services. These include resources that come from nature without human alteration.
Identify examples of land resources: Mineral deposits, rivers, and forest land are all natural resources that exist in nature and are used in production, so they qualify as land resources.
Recognize what is NOT a land resource: A factory building is a man-made structure, which classifies it as capital, not land.
Differentiate between land and capital: Capital refers to human-made resources used in production, such as machinery, buildings, and tools, whereas land is naturally occurring.
Conclude that the factory building is not a land resource because it is a produced input, not a natural resource.
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