What Are the Four Major Categories of Factors of Production

question 154

Multiple Choice

What are the four major categories of factors of production?

• A) economic power, money, technology, and agriculture
• B) technology, law, capital, and ingenuity
• C) knowledge, human resources, capital, and technology
• D) natural resources, capital, human resources, and entrepreneurship

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Definitions:

Inflation Rate

The percentage rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Contingency Planning

The process of preparing for unexpected events by developing strategies to address and mitigate risks.

Alternative Courses

Different paths or strategies that can be chosen in decision-making processes to achieve a specific goal.

Actions

Deeds or steps taken in order to achieve a specific purpose.