Question

Question: Drag each resource to the correct location on the table. Let's say you just bought a new cell phone. Listed here are some of the many resources that went into producing that phone. Categorize the resources according to factors of production.

Answer 1

The factors of production used to produce goods and services are labor, land, capital, and entrepreneurship.

Step-by-step explanation:

The factors of production are the resources used to produce goods and services. These factors are:

1. Labor: This includes all human effort and skills involved in the production process. For example, the workers who assemble the cell phone.
2. Land: This refers to all natural resources used in production, such as minerals and materials used to create the cell phone.
3. Capital: This includes all man-made resources used in production, such as machinery and equipment used to manufacture the cell phone.
4. Entrepreneurship: This refers to the skills and risk-taking ability of individuals who organize the production process. For example, the entrepreneur who started the cell phone company.