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Crude Oil Is Not an Example of a Factor of Production

question 168

True/False

Crude oil is not an example of a factor of production, but when crude oil is processed into gasoline, it is a factor of production.


Definitions:

Ancient Greece

A period and civilization in history that spanned from around the 8th century BC to the end of antiquity (c. 600 AD), known for its rich culture, contributions to arts, philosophy, politics, and the foundation of Western civilization.

Ayn Rand

A Russian-American writer and philosopher known for developing a philosophical system called Objectivism.

Destructive Idea

A concept or belief that is harmful or detrimental to individuals or society as a whole.

Altruism

The principle or practice of caring for the well-being of others selflessly.

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