BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land
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Labour
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Entrepreneur
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Government
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Detailed explanation-1: -Servicing is not a factor of a production process. The 4 factors of a production process includes: land, labour, capital and organization.
Detailed explanation-2: -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-3: -The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-4: -Economists define four factors of production: land, labor, capital and entrepreneurship.