Question

What are the four categories of resources? Give an example of a

Answer 1

Answer:

In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Explanation:

The four categories are:

1) Land - e.g.water.

2 ) Capital - e.g. machinery.

3) Labor - e.g. the effort of workers.

4) Entrepreneurship - e.g. the risk taking involved in organizing resources for production.

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