Question

There would be no goods or services available if people did not work to produce them. This economic principle demonstrates the importance of which factor of production?

a. land
b. labor
c. capital
d. technology

Answer 1

The question here stresses that there would be no goods or services if "if people did not work to produce them" - which means that there would be no goods or services without labour- the correct answer is b. Labour is another term for work that people do.