BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Money is not considered as a factor of production. Money is medium of exchange and hence it cannot help to increase the productivity of an economy like other factors of production, thus the factors of production are Land, Labour, Capital and Entrepreneurship.

Detailed explanation-2: -Servicing is not a factor of a production process. The 4 factors of a production process includes: land, labour, capital and organization.

Detailed explanation-3: -Gifts from abroad are a type of transfer payments which do not create any additional output or income in the economy, hence, they are not a type of factor income.

Detailed explanation-4: -Economists define four factors of production: land, labor, capital and entrepreneurship.

Detailed explanation-5: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.