Question

What is an example of a scarce factor of production?

Answer 1

Answer:

An example of scarce source of production is "Labour"

Explanation:

An example of scarce source of production is "Labour"

Labour

This refers to the work done by those who contribute to the production  processes.  Many people not in paid employment also provide things that are needed by  people. For example, a woman might not hold a job in order to raise her children  and look after the home.  Some people are more productive in the work place than others because they  have different levels of education, training and experience. They are said to  possess a greater amount of human capital.  This implies that this factor can be enhanced in an economy through educational  initiatives and investment in training.

Answer 2

Answer and explanation:

The factors of production are land, labor, capital, and entrepreneurship. The most immediate scarce factor of production is land. Land represents all natural resources that are used to produce goods and services. However, those resources are limited -e.g. water, wood, oil- which implies individuals must find a way to rationalize its use while fulfilling their needs.