Question: Is An Example Of A Factor Of Production Quizlet?

What are five factors of production?

Economists call these resources the “factors of production” and usually refer to them as labour, capital, and land.

Production managers have referred to them as the “five M’s”: men, machines, methods, materials, and money..

What is the most important factor of production Why quizlet?

What is the most important factor of production? Why? Entrepreneurship is most important because it directs, organizes, and plans the production process.

What is capital as a factor of production quizlet?

Capital. A Factor of production that includes anything produced in an economy that is used to produce other goods and services. Consumption. The act of buying or using goods and services.

What is a factor of production quizlet?

factors of production. Land, labor, and capital resources, and entrepreneur; the four basic resources that are combined to create useful goods and services. natural resources.

Which is considered a factor of production?

Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Which answer is not a factor of production?

Money is not considered as a factor of production. Money is medium of exchange and hence it cannot help to increase the productivity of an economy like other factors of production, thus the factors of production are Land, Labour, Capital and Entrepreneurship.

What is the most important factor of production?

Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.

Which is the most important natural factor of production?

One uses the land to produces goods. It is the primary and natural factor of production.

What is an example of a factor of production?

Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production include land, labor, capital and entrepreneurship.

What are the 7 factors of production?

Factors of ProductionLand/Natural Resources.Labor.Capital.Entrepreneurship.

Why is labor an important factor of production?

Labor represents all of the people that are available to transform resources into goods or services that can be purchased. … It’s also important that a labor force is well educated and well trained to ensure that they can produce goods at peak efficiency and quality.

What are the importance of factor of production?

The factors of production are the resources used in creating and producing a good or service and are the building blocks of an economy. The factors of production are land, labor, capital, and entrepreneurship, which are seamlessly interwoven together to create economic growth.