ECONOMICS (CBSE/UGC NET)

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: -The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.

Detailed explanation-3: -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-4: -The four factors of production are land, labor, capital, and entrepreneurship. They are said to be the building blocks of the economy. Expenditure does not come under the four main factors of production.

Detailed explanation-5: -According to economic theory, there are four main factors of production-land, labour, capital, and entrepreneurship. In the given options, first three are the factors of production while the fourth option of Product is not the main factor of production.