Multiple Choice
Generally, _____________ you receive, the higher your lifetime earnings will be.
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0. Basic Principles of Economics
Factors of Production
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Which of the following lists correctly identifies the four factors of production in economics?
A
Land, Labor, Capital, Government
B
Labor, Capital, Management, Resources
C
Land, Labor, Capital, Entrepreneurship
D
Land, Labor, Technology, Money
Verified step by step guidance1
Understand that the four factors of production in economics are the basic inputs used to produce goods and services.
Recall the standard classification of these factors: Land, Labor, Capital, and Entrepreneurship.
Recognize that 'Land' refers to all natural resources, 'Labor' to human effort, 'Capital' to man-made resources used in production, and 'Entrepreneurship' to the ability to organize and take risks.
Evaluate each option by checking if it includes all four standard factors without substituting or adding unrelated terms like Government, Management, Technology, or Money.
Conclude that the list containing 'Land, Labor, Capital, Entrepreneurship' correctly identifies the four factors of production.
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