In Economics, we have four factors of production. Which of the following is the correct combination?
Understand the Problem
The question is asking to identify the correct combination of the four factors of production in Economics from the given options.
Answer
Land, Capital, entrepreneurship and labour.
The correct combination is "Land, Capital, entrepreneurship and labour."
Answer for screen readers
The correct combination is "Land, Capital, entrepreneurship and labour."
More Information
The four factors of production form the foundation of economic activity: land (natural resources), labor (human effort), capital (machinery and infrastructure), and entrepreneurship (innovation and risk-taking). These elements work together to produce goods and services.
Tips
A common mistake is confusing income concepts (rent, wages, interest) with factors of production.
Sources
- 4 Factors of Production Explained With Examples - Investopedia - investopedia.com
- What are the Factors of Production - Federal Reserve Bank of St. Louis - stlouisfed.org
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