7 You start a business and need to purchase office supplies to run the day to day operations. Which fa factor of production are you going to utilize? Land Labor Entrepreneurship Capital Multiple Choice 1 point

## Step 1<br />The question is asking us to identify which factor of production is being utilized when purchasing office supplies for a business. The factors of production are the resources used to produce goods and services. They are traditionally classified into four categories: Land, Labor, Capital, and Entrepreneurship.<br /><br />## Step 2<br />Let's analyze each option:<br /><br />1. Land: This refers to natural resources, which include raw materials and land itself. This doesn't apply to the purchase of office supplies.<br /><br />2. Labor: This refers to the human effort used in production, which includes both physical and mental effort. This doesn't apply to the purchase of office supplies.<br /><br />3. Entrepreneurship: This refers to the drive to develop an idea into a business. This doesn't apply to the purchase of office supplies.<br /><br />4. Capital: This refers to the financial resources used to start and run a business. This includes money, machinery, tools, and buildings. In this case, the purchase of office supplies falls under the category of capital.