Practice question · Sort into groups
Sort each resource into its classical factor of production.
Groups: Land · Labor · Capital
- A programmer writing code
- Farmland in the Ebro valley
- A welder’s workday
- A robotic assembly line
- A delivery van fleet
- An iron ore deposit
Hints
- Ask whether the resource came from nature, from people, or was itself produced.
- A tool made in order to make other things belongs to the third category.
Show the answer
Land: An iron ore deposit, Farmland in the Ebro valley
Labor: A welder’s workday, A programmer writing code
Capital: A delivery van fleet, A robotic assembly line
Why
Land is what nature provides, labor is human effort, capital is produced means of production, machines and tools made to make other things.
Practise Scarcity
The app has 5 more questions on this lesson, and keeps your place in the course. Business I is free to start.
More questions on Scarcity
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