Question

In a contrast to labour, _____ is a scarce factor of production. .

Answer 1

Answer:

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Explanation:

In a contrast to labour, land is a scarce factor of production. .

Answer 2

Answer:

In contrast to labor, land is a scarce factor of production.

Explanation:

The factors of production are land, labor, capital, and entrepreneur. While labor, capital, and entrepreneur are more or less limitless, land is a limited factor of production. We only have the amount of land that is there on the earth, while labor can be generated, capital can be manufactured and entrepreneur can be initiated.

It is thus said that land is a relatively scarce factor of production.