Question
Resources, namely land labor, capital and entrepreneurship, can also be referred to as: Resources of Construction Factors of Production Resources of Productive Capacity Primary Resources
Answer
4
(278 Votes)
Eloise
Expert · Tutor for 3 years
Answer
Factors of Production
Explanation
In economics, the four resources you mentioned - land, labor, capital, and entrepreneurship - are traditionally referred to as the "Factors of Production". These are the inputs used for the creation of goods or services with the aim of making an economic profit. Here's a brief explanation of each term:1) "Resources of Construction" is not a standard term used in economics. It might refer to specific resources used in the construction industry, but it does not encompass all the resources used in the production of goods and services.2) "Factors of Production" is the correct term. As mentioned, it refers to the resources of land, labor, capital, and entrepreneurship that are used in the production of goods and services.3) "Resources of Productive Capacity" is not a standard term in economics. It seems to refer to resources that contribute to the productive capacity of an economy, but it's not a term that's commonly used to refer to land, labor, capital, and entrepreneurship.4) "Primary Resources" typically refers to raw materials that are used in production, like minerals or timber. It does not encompass all the resources used in the production of goods and services.So, in the context of your question, land, labor, capital, and entrepreneurship are best referred to as the "Factors of Production".