Which of the following refers to all the resources used in creating utilities?
Answer Details
Factors of production refers to all the resources used in creating utilities. This includes land, labor, capital, and entrepreneurship. These resources are combined to produce goods and services that satisfy human wants and needs. Land refers to natural resources such as forests, minerals, and water bodies. Labor refers to the human effort that is required to produce goods and services. Capital includes all forms of human-made goods that are used in the production process, such as machines and equipment. Entrepreneurship involves the organization of these factors of production in order to create goods and services that will be in demand in the marketplace.