Goods and Services Are Produced by Using Four Factors of Production

question 29

Multiple Choice

Goods and services are produced by using four factors of production:

• A) land, labor, capital, and entrepreneurship.
• B) land, labor, money, and equipment.
• C) natural resources, human resources, financial assets, and entrepreneurial resources.
• D) labor, human capital, physical capital, and financial capital.
• E) land, labor, capital, and money.

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Definitions:

Expressed Powers

Expressed Powers are those powers of Congress specifically listed in the Constitution of the United States, giving the legislature the authority to enact certain types of legislation.

Delegated Powers

Authorities specifically granted to the federal government by the Constitution, distinct from powers reserved to the states.

Presidential Orders

Presidential Orders, including executive orders and proclamations, are directives issued by the President of the United States to manage operations of the federal government.

Congressional Legislation

Laws or bills passed by the United States Congress, which consists of the Senate and the House of Representatives.