Multiple Choice
Which of the following can be categorized as a primary activity in the context of factors of production?
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0. Basic Principles of Economics
Factors of Production
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Which of the following resources would be considered 'land' by an economist?
A
A natural forest
B
A delivery truck
C
A factory building
D
An accountant's labor
Verified step by step guidance1
Understand the economic definition of 'land': In economics, 'land' refers to all natural resources that are used to produce goods and services. These are resources that come from nature and are not created by human effort.
Identify the options given: natural forest, delivery truck, factory building, and accountant's labor.
Classify each option according to economic resource categories: 'land' (natural resources), 'capital' (man-made goods used in production), and 'labor' (human effort).
Recognize that a natural forest is a natural resource and thus fits the definition of 'land'.
Note that a delivery truck and factory building are man-made and therefore considered 'capital', while an accountant's labor is human effort and classified as 'labor'.
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