Multiple Choice
The people who work to produce goods and services are known as:
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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
The work-related activities of a teacher and doctor fall under the resource category of:
A
entrepreneurship
B
labor
C
land
D
capital
Verified step by step guidance1
Understand the concept of resources in microeconomics, which are typically categorized into four types: land, labor, capital, and entrepreneurship.
Recall that 'land' refers to natural resources used in production, such as minerals, water, and land itself.
Recognize that 'capital' refers to man-made goods used to produce other goods and services, like machinery, buildings, and tools.
Identify 'entrepreneurship' as the ability to organize resources and take risks to create goods and services.
Note that 'labor' refers to the human effort, both physical and mental, used in the production of goods and services, which includes the work done by teachers and doctors.
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