Answered

Identifying Factors of Production

This activity will help you meet these educational goals:

Content Standards:
- Identify the factors of production and understand their necessity for the production of goods and services.

Directions:
1. Read the instructions for this self-checked activity.
2. Type in your response to each question, and check your answers.
3. At the end of the activity, write a brief evaluation of your work.

Activity:
Use the information from the video and your knowledge of economic concepts to answer these questions.

Part A:
Which scarce resource led the leader of Dubai to make drastic changes to his country?



Answer :

GinnyAnswer

Final answer:

Factors of production include labor, capital, natural resources, and entrepreneurs. Scarce natural resources, like oil, in Dubai led to significant changes in the country's economy.


Explanation:

Factors of production are resources needed for producing goods and services, including labor, capital, natural resources, and entrepreneurs. In Dubai, one scarce resource that led to drastic changes is natural resources, especially oil. Due to the limited availability of oil, the leader made changes to diversify the economy.


Learn more about Factors of production and their impact here:

https://brainly.com/question/51226621


Other Questions