Economists Classify Energy and Water as Part of Which Factor

question 125

Multiple Choice

Economists classify energy and water as part of which factor of production?

• A) land
• B) labor
• C) capital
• D) entrepreneurship
• E) land if undeveloped and capital if developed

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Definitions:

Airline Industry

A sector of the economy composed of companies and organizations involved in the business of transporting passengers and cargo by aircraft.

Complex Interdependence

Complex interdependence reflects a situation in international relations where states and their fortunes are interconnected through multiple channels, diminishing the relevance of military power.

Oligopolistic Firms

Companies operating in a market structure characterized by a few dominant firms, with significant control over their pricing and market strategies.

Price Competition

A market situation where businesses attempt to attract customers by undercutting each other's prices.