Answered

Taken together, the four general categories of economic resources (land, labor, capital, and entrepreneurial ability) are referred to as which of the following?

A. Factors of production
B. Other-things-equal assumption
C. Economizing problem
D. Opportunity cost



Answer :

GinnyAnswer

Final answer:

Factors of production encompass land, labor, capital, and entrepreneurial ability, which are vital for economic production.


Explanation:

Factors of production are the resources necessary for producing goods and services, including land, labor, capital, and entrepreneurial ability. These factors are crucial in enabling economic activities and can impact the economy based on their use. Understanding these factors is essential in analyzing production processes and economic systems.


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