Select the group that best represents the basic factors of production.
A)land,labor,capital,entrepreneurship
B)land,labor,money,management skills
C)land,natural resources,labor,capital
D)land,labor,capital,technology

Question

Quizplus · Accepted Answer

The group that best represents the basic factors of production is land, labor, capital, and entrepreneurship. These are the four main inputs needed to produce goods and services in an economy. Land refers to natural resources, labor refers to human effort and skills, capital refers to tools, equipment, and infrastructure used in production, and entrepreneurship refers to the ability to bring all of these factors together and organize them in a way that creates value. Money, management skills, and technology are important, but they are not considered basic factors of production.

Select the Group That Best Represents the Basic Factors of Production