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Week 2 Quiz

Question 1:
When determining how to allocate scarce resources, an entrepreneur should:

A. Focus on the company's key success factors
B. Spread resources around to gain experience
C. Focus exclusively on marketing
D. Focus exclusively on technology

Question 2:



Answer :

GinnyAnswer

Final answer:

Factors of production include labor, capital, and natural resources. Technology and entrepreneurs play vital roles in utilizing these factors effectively in the economy.


Explanation:

Factors of Production:

  1. Labor: Refers to human effort applied to production.
  2. Capital: Represents resources like machinery and tools used in production.
  3. Natural Resources: Includes materials sourced from the environment.

Role of Technology and Entrepreneurs:

Technology and entrepreneurs are essential in utilizing factors of production. Technology provides knowledge for production, while entrepreneurs organize resources to create goods/services and seek profits in market economies.


Learn more about Factors of production and the roles of technology and entrepreneurs here:

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