Question
Which factor of production is essential for a small-scale, home-based craft business?
A.Machinery
B.Solar energy
C.Labor
D.Wages
A.Machinery
B.Solar energy
C.Labor
D.Wages
Answers
GPT-4o mini
C. Labor
In a small-scale, home-based craft business, labor is the most essential factor of production. The skills and efforts of the individual or individuals involved in creating the crafts are crucial for the business's operation and success. While machinery and other factors may be beneficial, labor is the fundamental element, especially in a craft business where production is often hands-on and relies on the creator's personal touch.
In a small-scale, home-based craft business, labor is the most essential factor of production. The skills and efforts of the individual or individuals involved in creating the crafts are crucial for the business's operation and success. While machinery and other factors may be beneficial, labor is the fundamental element, especially in a craft business where production is often hands-on and relies on the creator's personal touch.