Question

Beth quit her job as a computer programmer for a large corporation to begin her own computer repair business in her garage. To do this, she took $10,000 out of her retirement fund and hired her brother, Will, on an hourly basis. As a factor of production, Beth is best classified as _______, and Will is best classified as _______..

Answer 1

Answer: An entrepreneur , a labor

Explanation: An entrepreneur is an entity that introduces a new company that carries almost all of the risks and benefits. The entrepreneur is generally seen as a visionary, a creator of new ideas, products, services and/or techniques.

Labor is the level of physical, emotional, and social effort which is used in an economy to generate wealth. It provides the necessary resources, equipment, and infrastructure to convert raw resources into final services and products.

Hence we can conclude that Beth is entrepreneur and will is labor.