ECONOMICS (CBSE/UGC NET)

ECONOMICS

SCARCITY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which of the following are considered factors of production? (more than one answer)
A
scarcity
B
capital
C
payment
D
labor
Explanation: 

Detailed explanation-1: -These are land, labour, capital and organisation.

Detailed explanation-2: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-3: -In economics, factor payments are the income people receive for supplying the factors of production: land, labor, capital or entrepreneurship. Payments made of scarce resources, or the factors of production in return for productive services.

Detailed explanation-4: -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-5: -Servicing is not a factor of a production process. The 4 factors of a production process includes: land, labour, capital and organization.

There is 1 question to complete.