Which of the Following Are Considered Factors of Production Used

question 97

Multiple Choice

Which of the following are considered factors of production used to produce goods and services?
I. Land
II. Labour
III. Capital
IV. Entrepreneurship

• A)I and II only
• B)I and III only
• C)I, II and III only
• D)I, II, III and IV

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Definitions:

Normal Good

A type of good for which demand increases as the income of the consumer increases and decreases as the income of the consumer decreases, all else being constant.

Income

Money received, especially on a regular basis, for work or through investments, constituting the financial gain derived from labor, capital, or other sources.

Hamburgers

In an economic context, refers to a commonly cited example of a product in studies of competition, pricing, and consumer choice.

Supply Curve

An illustrated chart that displays the link between the cost of a commodity and the volume of the commodity that producers are ready to sell.