Multiple Choice
Which of the following is NOT considered a natural resource in the context of factors of production?
0. Basic Principles of Economics
Factors of Production
Multiple Choice
Which of the following lists correctly identifies the three main factors of production in classical economics?
A
Land, technology, and entrepreneurship
B
Labor, capital, and money
C
Capital, entrepreneurship, and resources
D
Land, labor, and capital
Verified step by step guidance1
Understand that in classical economics, the factors of production are the inputs used to produce goods and services.
Recall the three main categories traditionally identified as factors of production: Land, Labor, and Capital.
Land refers to all natural resources used in production, such as minerals, forests, and land itself.
Labor represents human effort, both physical and mental, used in the production process.
Capital includes man-made resources like machinery, tools, and buildings that aid production, but does not include money.
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