Question

Drag the correct factor of production to match with the corresponding resource:

1. Land
2. Physical capital
3. Labor
a. Natural resources such as forests, minerals, and water.
b. Human effort and skill used in the production of goods and services.
c. Buildings, machinery, and equipment used in the production process.

Match the correct factor of production with the corresponding resource.

A. 1c, 2b, 3a
B. 1a, 2c, 3b
C. 1b, 2a, 3c
D. 1c, 2a, 3b

Answer 1

The factors of production are land, physical capital, and labor. Therefore, the correct answer is A. 1c, 2b, 3a.

Step-by-step explanation:

Factors of Production

The factors of production are the resources needed to produce goods and services. These factors include land, labor, and physical capital.

1. Land

Land refers to natural resources such as forests, minerals, and water. For example, a farm uses land to grow crops.

2. Physical capital

Physical capital refers to buildings, machinery, and equipment used in the production process. For example, a factory uses physical capital like machines to produce goods.

3. Labor

Labor refers to human effort and skill used in the production of goods and services. For example, workers in a bakery use their labor to make bread.

Therefore, the correct match of the factors of production with the corresponding resources is A. 1c, 2b, 3a.