Question

Consider the following list: a worker with training in video gaming technology, 10 hectares of arable land in southern Ontario, a fishing trawler in Nova Scotia, an ice-cream truck at a park in Quebec. Each of these is an example of:

a) Different factors of production.
b) Various types of public goods.
c) Components of national income.
d) Elements of government expenditure.

Answer 1

The given list illustrates examples of 'factors of production,' namely land, labor, and capital, which are essential resources required for producing goods and services.

Step-by-step explanation:

The following list of items: a worker with training in video gaming technology, 10 hectares of arable land in southern Ontario, a fishing trawler in Nova Scotia, and an ice-cream truck at a park in Quebec, are each an example of factors of production. Factors of production are the essential resources needed for the production of goods and services and they include land, labor, capital, and entrepreneurship. In the given examples, land is represented by the 10 hectares of arable land, labor by the trained worker, capital by the fishing trawler and the ice-cream truck, and entrepreneurship can be associated with the individual or entity utilizing these resources to create value.