Answered: Ismael worked for Abdul until he was…

Ismael worked for Abdul until he was able to buy a piece of land where he can develop as agri-tourism farm. The factor of production he uses is _____. a. entrepreneur b. labor c. capital d. land

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 5P

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Concept explainers

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

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Ismael worked for Abdul until he was able to buy a piece of land where he can develop as agri-tourism farm. The factor of production he uses is _____.

a. entrepreneur

b. labor

c. capital

d. land

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