Problemas
3.How will you produce?List at least three factors of production for each or these categories: Land Labor Capital Ent repreneurship
Roztwór
Amalia
professionell · Tutor durante 6 años
3.3
(280 Votos)
Respuesta
Land: Water, Air, SoilLabor: Factory Worker, Teacher, DoctorCapital: Machinery, Buildings, VehiclesEntrepreneurship: Ability to start a business, Ability to innovate, Ability to manage a business
Explicación
## Step 1The question is asking for examples of factors of production in the categories of Land, Labor, Capital, and Entrepreneurship. The factors of production are the inputs used in the production of goods or services in order to make an economic profit. They include any resource required for the creation of a good or service.## Step 2Land: This refers to natural resources, which can be either renewable or non-renewable. Examples include water, air, soil, minerals, and so on.## Step 3Labor: This refers to the human input in the production process. It includes both physical and mental work. Examples include the work done by a factory worker, a teacher, a doctor, etc.## Step 4Capital: This refers to all man-made goods that are used in the production process. Examples include machinery, buildings, vehicles, etc.## Step 5Entrepreneurship: This refers to the ability to combine all the factors of production to produce a good or service. It involves risk-taking and innovation. Examples include the ability to start a business, to innovate, to manage a business, etc.