The Factors of Production Are Natural Resources, Labour, Capital, Entrepreneurship

question 68

True/False

The factors of production are natural resources, labour, capital, entrepreneurship, and knowledge.

Understand how rational decisions are made by weighing marginal benefits against marginal costs.

Grasp the impact of incentives on individual and economic choices.

Understand the fundamental role of utilities in economic theory.

Acknowledge that using resources for one purpose reduces their availability for other purposes.

---

Definitions:

Performance Orientation

Performance orientation is a focus within organizations or individuals on achieving outcomes and results, often measured against predefined standards or goals.

GLOBE Studies

A research initiative that explores how societal and organizational cultures impact the efficacy of leadership across different cultures.

Challenging Goals

Objectives or targets that stretch an individual's abilities and require effort and determination to achieve.

Country Clusters

Groupings of countries that share similar economic, political, or cultural characteristics.