Land labor capital and entrepreneurship are called__________________?
Correct answer: C. factors of production
- A. raw materials
- B. impetus to upward mobility
- C. factors of production
- D. external devices
Explanation
Land, labour, capital, and entrepreneurship are the four traditional factors of production because they provide the resources and organization needed to produce goods and services.
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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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