ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -None of the above answers are correct because all of the above are factors of production. Reason: These are the four factors of production: land, labor, capital, and entrepreneurship. All these factors make inputs of production which when combined together make the production possible.

Detailed explanation-2: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.

Detailed explanation-3: -An entrepreneur is a person who combines the other factors of production-land, labor, and capital-to earn a profit. The most successful entrepreneurs are innovators who find new ways to produce goods and services or who develop new goods and services to bring to market.

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

Detailed explanation-5: -What Are the Four Factors of Production? 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.