Multiple Choice
Which of the following is a way a nation's government can invest in human capital?
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0. Basic Principles of Economics
Factors of Production
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Which of the following best describes the sources of resources needed to continue expanding the production of watermelons?
A
Government subsidies and consumer demand
B
Imports and exports
C
Land, labor, capital, and entrepreneurship
D
Technological innovation and advertising
Verified step by step guidance1
Identify the fundamental economic resources, also known as factors of production, which are essential for producing any good, including watermelons. These are typically land, labor, capital, and entrepreneurship.
Understand that 'land' refers to natural resources used in production, such as soil and water needed for growing watermelons.
Recognize that 'labor' involves the human effort required to plant, cultivate, and harvest the watermelons.
Acknowledge that 'capital' includes the tools, machinery, and equipment used in the production process.
Note that 'entrepreneurship' is the ability to organize the other factors of production and take risks to expand production.
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