What are the four major categories of factors of production?
A) economic power, money, technology, and agriculture
B) technology, law, capital, and ingenuity
C) knowledge, human resources, capital, and technology
D) natural resources, capital, human resources, and entrepreneurship

Question

Quizplus · Accepted Answer

The four major categories of factors of production are natural resources (such as land, water, and minerals), capital (such as buildings, equipment, and money), human resources (such as labor), and entrepreneurship (the ability to combine the other factors to create goods and services). Only option D includes all four of these categories. Options A, B, and C either include irrelevant factors (such as "law," "money," or "knowledge") or fail to include relevant factors (such as natural resources).

What Are the Four Major Categories of Factors of Production