Question
What encompasses both places of production and natural resources?
A.
Capital
B.
Land
C.
Labor
D.
Entrepreneurship
A.
Capital
B.
Land
C.
Labor
D.
Entrepreneurship
Answers
GPT-4o mini
The correct answer is B. Land.
In economics, "land" refers to all natural resources and the physical space used for production, encompassing both places of production (like farms, factories, and mines) and the natural resources (like minerals, water, and forests) that are utilized in the production process.
In economics, "land" refers to all natural resources and the physical space used for production, encompassing both places of production (like farms, factories, and mines) and the natural resources (like minerals, water, and forests) that are utilized in the production process.