ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land
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Labor
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Capital
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Entrepreneurship
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Money
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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: -The correct answer is Human resources. Economic growth means more output. Economic development is the technical and institutional setup by which such output is produced and distributed. Human Resource is not taken as a factor among the non-economic factors which contribute to economic growth.
Detailed explanation-3: -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-4: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-5: -Land as a Factor of Production. Labor as a Factor of Production. Capital as a Factor of Production. Entrepreneurship as a Factor of Production. More Resources. 29-Nov-2022