Multiple Choice
When making a location decision at the region or community level, which factor of production is most likely to be influenced by local infrastructure and access to transportation?
0. Basic Principles of Economics
Factors of Production
Multiple Choice
A clothing manufacturing plant would most likely be classified as which factor of production?
A
Labor
B
Entrepreneurship
C
Land
D
Capital
Verified step by step guidance1
Recall the four main factors of production in microeconomics: Land, Labor, Capital, and Entrepreneurship.
Understand that 'Land' refers to natural resources used in production, such as raw materials or physical space.
Recognize that 'Labor' involves human effort and work provided in the production process.
Know that 'Entrepreneurship' is the ability to organize the other factors and take risks to create goods or services.
Identify 'Capital' as the man-made resources used in production, such as machinery, tools, and buildings, which includes a manufacturing plant.
Related Videos
Related Practice
