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Match each factor of production to an example.

Land
Labor
Capital
?
?
Iron ore mine
Miners
Drill
Attempt 1 of 2

User Samzmann
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1 Answer

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Final answer:

Land matches with 'iron ore mine' as it represents natural resources. Labor matches with 'miners' who provide human effort, and capital matches with 'drill' as it is a tool used in production.

Step-by-step explanation:

The factors of production include land, labor, capital, and entrepreneurship. Each factor is critical in the production of goods and services. To match them with the given examples:

  • Land: This refers to the natural resources used to produce goods and services. The iron ore mine is an example of land because it is the source of natural resources.
  • Labor: This includes the human efforts used in the creation of products and services. The miners represent labor as they provide the workforce necessary to extract resources.
  • Capital: This encompasses the tools, equipment, and machinery used in the production process. The drill is an example of capital because it is a tool that assists in the production.
User Cloud Artisans
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