2. match the following with the correct factor of production:\n1. smartphone factory\n2. iron ore\n3. elon…

2. match the following with the correct factor of production:\n1. smartphone factory\n2. iron ore\n3. elon musk\n4. airplane pilot\na. labor\nb. land\nc. capital\nd. entrepreneur

2. match the following with the correct factor of production:\n1. smartphone factory\n2. iron ore\n3. elon musk\n4. airplane pilot\na. labor\nb. land\nc. capital\nd. entrepreneur

Answer

Brief Explanations:

  1. A smartphone factory is a man - made asset used in production, so it is capital.
  2. Iron ore is a natural resource, which falls under land.
  3. Elon Musk is known for his entrepreneurial activities, so he is an entrepreneur.
  4. An airplane pilot provides labor services in the production process.

Answer:

  1. c. Capital
  2. b. Land
  3. d. Entrepreneur
  4. a. Labor