Land labor capital and entrepreneurship ?
Correct answer: A. must be combined in the production of goods and service
- A. must be combined in the production of goods and service
- B. must be used separately to produce goods and service
- C. have no function in the production of goods and service
- D. create a balance between humans and their environment
Explanation
Land, labour, capital and entrepreneurship are the four factors of production, and production normally requires their coordinated combination. Using them separately would not generally produce goods and services effectively.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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