A'ja opened her own consulting firm last year specializing in technology training. She knows that companies in the marketplace are always looking for ways to keep their employees current with new technology, so A'ja dedicates a portion of her week to studying technology trends. She uses this information to develop new programs that will add additional value for her customers. Which of the factors of production does this best represent?
A) natural resources
B) knowledge
C) capital
D) entrepreneurship
E) human resources

Question

Quizplus · Accepted Answer

A'ja's actions of dedicating time to study technology trends and using this information to develop new programs represent the factor of production known as knowledge. This is because she is leveraging information and expertise to create value for her customers. Knowledge as a factor of production involves the application of information, innovation, and skills to improve products or services.

A'ja Opened Her Own Consulting Firm Last Year Specializing in Technology