Correct option is (3).
Traditional view considers 4 factors of production: Labor, Land (or natural resources), Entrepreneurship and Capital (which includes physical capital, financial capital and human capital). Knowledge is not considered a traditional production resource.
Which of the following is not considered a tradmional factor of production? entrepreneurship natural resources knowledge...
Which is a demand factor in economic growth? More human and natural resources. Technological progress and innovation. An increase in the economy's stock of capital goods. An increase in total spending in the economy.
Which of the following is NOT applicable to knowledge as a factor of production? It is largely driven by information technology. It supports entrepreneurs in developing new products and services It helps identify new opportunities for business development. It is driven by the contributions of employees It is a recent addition to the set of production factors.
Which of the following is NOT applicable to knowledge as a factor of production? It is largely driven by information technology. It supports entrepreneurs in developing new products and services It helps identify new opportunities for business development. It is driven by the contributions of employees It is a recent addition to the set of production factors.
4. Holding technology, labor, human capital, and natural resources the same, production would decrease/increase/stay the same) and productivity would
1A) Describe the difference between labor resources and capital resources. 1JB In the following table choose the correct type of resource illustrated by each example. Natural Labor Resource Capital Resources (land) Entrepreneurship resources for the Oil that needs to be extracted for the production of gasoline The efforts of a construction worker building a house A person who uses her life savings to start a new business A musical instrument used by a professional band The machinery in a petrochemical...
Match each example to the appropriate term. Group of answer choices Trees used to make paper [ Choose ] Human capital Technological knowledge Physical capital Natural resources A printing press used to make books [ Choose ] Human capital Technological knowledge Physical capital Natural resources A method of...
1. Suppose natural resources increase, which curve(s) in an AD-AS graph shift(s) to which direction? 2. Steve owns a bike shop. He increases the size of his shop. This action is related to which factor of economic growth? ((1) natural resources; (2) physical capital; (3) human capital; (4) technology; or (5) institutions ) 3. When price level increases by 10 percent, how much does the quantity of long-run aggregate supply increase? Refer to the following figure to answer question 4...
Note: This is for a gas station franchise Which of the four scarce resources (natural, human, capital, and entrepreneurial) present a major challenge for your venture? What limits does the scarce resource present to your venture? Explain in depth.
Question 10 4 pts The inputs into production of goods and services that are provided by nature, such as land, rivers, and mineral deposits are called human capital. O technological knowledge. natural resources. physical capital.
14. Which of the following statements is false? A. Capital consists of produced goods that can be used as inputs for further production. B. The terms resources, inputs, and factors of production are synonyms. C. Labor consists of the physical, but not mental, talents of people who contribute to th production process. D. Entrepreneurship is one of the four categories of resources. E. The resource category land includes natural resources, such as minerals, forests, wat unimproved land.