Select the Group That Best Represents the Basic Factors of Production

question 22

Multiple Choice

Select the group that best represents the basic factors of production.

• A)land,labor,capital,entrepreneurship
• B)land,labor,money,management skills
• C)land,natural resources,labor,capital
• D)land,labor,capital,technology

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Definitions:

Interest Rates

The cost of borrowing money or the compensation for the service and risk of lending money, typically expressed as a percentage of the principal.

Present Consumption

The use of goods and services for satisfaction or needs in the current period, as opposed to saving for future consumption.

Insurable Risk

An eventuality for which both the frequency and magnitude of potential losses can be estimated with considerable accuracy. Insurance companies are willing to sell insurance against such risks.

Wages And Salaries

Compensation received by employees for their labor or services, typically paid on an hourly or annual basis.