Question

Match the following examples to the factor of Production they belong with

1. Lumber
a. Capital
b. Labor
2. CEO of Retail Store
C. Management
3. Sales Clerk
d. Land
4. Car Factory

Answer 1

The examples can be matched with the factors of production as follows: Lumber - Land, CEO of Retail Store - Entrepreneurship, Sales Clerk - Labor, and Car Factory - Capital.

Step-by-step explanation:

The examples can be matched with the factors of production as follows:

1. Lumber - Land: Lumber comes from natural resources such as trees.
2. CEO of Retail Store - Entrepreneurship: The CEO is the person who takes the initiative to start and manage the retail store.
3. Sales Clerk - Labor: The sales clerk is a worker involved in the selling process.
4. Car Factory - Capital: The car factory requires machinery and other capital goods for production.

The factors of production are land, labor, capital, and entrepreneurship. Each factor plays a crucial role in the production process. Land provides the natural resources, labor refers to the human effort involved, capital includes the tools and equipment used, and entrepreneurship involves taking risks and organizing the other factors.