Multiple Choice
In the context of factors of production, what role do entrepreneurs play in the economic decisions a society makes?
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0. Basic Principles of Economics
Factors of Production
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Someone taking a course in web design is primarily affecting which factor of production?
A
Labor
B
Land
C
Capital
D
Entrepreneurship
Verified step by step guidance1
Identify the four main factors of production in economics: Land, Labor, Capital, and Entrepreneurship.
Understand that 'Land' refers to natural resources used in production, such as minerals, water, and land itself.
Recognize that 'Capital' refers to man-made resources used to produce goods and services, like machinery, tools, and buildings.
Know that 'Entrepreneurship' involves the ability to organize the other factors of production and take risks to create goods or services.
Realize that someone taking a course in web design is primarily contributing their human effort and skills, which corresponds to the factor of production called 'Labor'.
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