WebSep 7, 2024 · Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else. WebMay 17, 2024 · These economic resource components are sometimes referred to as factors, and economists typically identify four factors as economic resources: land, labor, capital, and entrepreneurship....
2.1 Factors of Production – Principles of Economics
WebAug 17, 2024 · So, land can be a factor of production, but it’s not a capital resource. In general, an increase in capital resources can impact the economy positively. That’s … WebQuestion: 1. Which of the following is not an example of a capital resource? the expertise of a computer programmer a pitch fork a commercial sewing machine 100 acres of farmland in central California Consider the market for argyle socks. 1. Which of the following is not an example of a capital resource? dr anne gray collombey
What are the Factors of Production - Federal Reserve Bank of St.
WebApr 10, 2024 · Any tool or resource employed by a business in the productionprocess of goods or services is termed as a capital resource. It can vary from something as petty as … WebSep 7, 2024 · AboutTranscript. Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make … Web• Capital resources are goods produced and used to make other goods and services. Examples of capital resources are an office building, office copying machine, pots and pans and a wrench. Ask the students for other examples of capital resources. Write the stu-dents’ responses on the board. (NOTE:A hammer is a capital resource. dr anne hatch