Factors of production are grouped into four categories
A) land, labor, capital, entrepreneurship.
B) land, labor, capital, money.
C) land, capital, money, entrepreneurship.
D) labor, capital, money, entrepreneurship.

Question

Quizplus · Accepted Answer

The four factors of production are land (natural resources), labor (human effort), capital (machinery, buildings, and tools), and entrepreneurship (the initiative to combine the other three factors to produce goods and services).

Factors of Production Are Grouped into Four Categories