Which of the following are considered basic types of resources (factors of production) used by producers?

• A. Labor, capital, entrepreneurship
• B. Land, labor, capital
• C. Land, money, labor
• D. Money, technology, entrepreneurship

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the concept of factors of production, which are the basic resources used by producers to create goods and services.
2. Step 2: Recall the traditional classification of factors of production, which includes Land, Labor, and Capital as the primary categories.
3. Step 3: Recognize that 'Land' refers to natural resources, 'Labor' refers to human effort, and 'Capital' refers to man-made resources used in production.
4. Step 4: Note that entrepreneurship is sometimes considered a separate factor, representing the ability to organize and manage the other factors, but the basic types are typically Land, Labor, and Capital.
5. Step 5: Evaluate the given options and identify the one that correctly lists the basic factors of production as Land, Labor, and Capital.