Which resource would be considered the factor of production called land quizlet?

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Which resources would be considered the factor of production called land?
What is land as a factor of production quizlet?
Which is considered a factor of production quizlet?
Which of the following would be an example of the factor of production known as land?

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Labor --physical/mental work. Wages & Human capital (investment into skills) increase labor productivity
Land -- includes minerals, water, air, forests, oil, and even rainfall, temperature, and soil quality. The income paid to this factor of production is called rent.
Capitol -- human creations includes tools, factories, warehouses, and inventories, irrigated land,
Entrepreneurship -- consists of the activities of combining other productive resources to produce goods and services, taking risks, and introducing new methods and new products (innovation).

Public goods, private goods, and public bads:

Acid rain, ozone depletion are:

cigarette smoke, oil spills, noise litter are:

Hamburgers, clothing, autos are:

Seatbelts, education, fire protection are:

Prenatal care, lighthouses, mosquito spray, national defense are:

Two countries, Macroland and Microland, are considering starting to trade with each other. Both countries make sweaters and oranges. To make sweaters a country needs knitters, wool, and knitting needles. To make oranges a country needs orange grove farmers, orange trees, and fertilizer. Workers in both countries can, with the proper training, be either knitters or orange grove farmers.

Macroland has 1,500 workers and each worker can produce either 100 sweaters or 1,000 oranges. Microland has 2,000 workers and each worker can produce either 150 sweaters or 3,000 oranges.

What determines a country's comparative advantage?

The other country's opportunity costs

The good the country specializes in producing

The number of workers in a country

The opportunity costs for both goods for both countries

Summary
This module continued the introduction of basic terms, concepts, and models. The four groups of resources—land, labor, capital, and entrepreneurship—were defined. These four groups are used to produce all goods and services. Before any goods are produced, economies must answer three questions: what goods are produced, how goods are produced, and who gets the production. The answers to these questions determine the type of economic system that exists. The focus of the course is on mixed and market economies as these are types of economic systems the United States, Canada, and the other developed economies have. Within market and mixed systems, prices play an important role in answering the three questions. This module has explained how prices allocate and ration goods and services.

Which resources would be considered the factor of production called land?

The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests.

What is land as a factor of production quizlet?

Land. A Factor of Production that is made up of natural resources that are needed to help produce goods and services. Capital. A Factor of production that includes anything produced in an economy that is used to produce other goods and services.

Which is considered a factor of production quizlet?

The factors of production include land, labor, capital and entrepreneurship.

Which of the following would be an example of the factor of production known as land?

The field, the cows, and the milk and beef they produce are all examples of the factor of production known as land. Consider oil. Oil in the ground is a natural resource because it is found (not manufactured) and can be used to produce goods and services.