Which of the following are considered factors of production used to produce goods and services?
I. Land
II. Labor
III. Capital
IV. Entrepreneurship

Question

Quizplus · Accepted Answer

All four factors of production - Land, Labor, Capital and Entrepreneurship - are used to produce goods and services. Land refers to the natural resources such as land for agricultural purposes, minerals, and oil. Labor refers to the human effort involved in production. Capital refers to the machinery, tools, and equipment that are necessary for production. Entrepreneurship refers to the ability to combine and organize the other three factors of production to create a product or service.

Which of the Following Are Considered Factors of Production Used