Gary recently completed his degree in management and is planning to start a business rehabilitating apartment buildings. After researching several potential areas, he chose Los Angeles due to its high population. Greg felt that this factor would create a large labor pool, the most important of the five factors of production.

Question

Quizplus · Accepted Answer

While labor is included in the factors of production, entrepreneurship and knowledge are considered the most important factors in the creation of wealth.

Gary Recently Completed His Degree in Management and Is Planning