To an economist,the four factors of production are
A)Labor,workers,profit,and services.
B)Land,labor,capital,and entrepreneurship.
C)Entrepreneurship,machinery,workers,and profit.
D)None of the choices are correct.

Question

Quizplus · Accepted Answer

The four factors of production are land, labor, capital, and entrepreneurship. These are the resources that businesses use to produce goods and services. Land includes natural resources such as lakes, rivers, forests, and minerals. Labor refers to the physical and mental human effort used in production. Capital includes all human-made resources used in the production of goods and services, such as tools, machinery, and buildings. Finally, entrepreneurship refers to the skills and abilities of individuals who organize the other factors of production to produce goods and services.

To an Economist,the Four Factors of Production Are