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Introduction to Microeconomics

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Question 53

An artisanal bakery operates using four key resources:

  1. The physical high-street plot on which the bakery is built
  2. A team of craft bakers who prepare the bread
  3. The specialized stone-deck ovens used for baking
  4. The founder who undertook the financial risk to establish the venture

Which of the following correctly identifies the factor of production and its associated economic reward for each of these resources, in the order (1 to 4) listed above?

1: Land (Rent), 2: Labour (Wages), 3: Capital (Profit), 4: Enterprise (Interest)

1: Land (Interest), 2: Labour (Wages), 3: Capital (Rent), 4: Enterprise (Profit)

1: Land (Rent), 2: Labour (Wages), 3: Capital (Interest), 4: Enterprise (Profit)

1: Capital (Rent), 2: Labour (Wages), 3: Land (Interest), 4: Enterprise (Profit)

Introduction to Microeconomics Questions

  1. A Level
  2. /Economics
  3. /Introduction to Microeconomics