ENTREPRENEURIAL OPPORTUNITIES
IDENTIFYING AND EVALUATING BUSINESS OPPORTUNITIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is NOT a factor of production?
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Land
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Natural Resources
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Labour
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Trade Unions
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Explanation:
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: -Land, Labour, Capital and Enterprise are the four factors of production which are required for running a firm or a company profitably.
There is 1 question to complete.