GK
BUSINESS ECONOMICS
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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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Income
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Labour
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Capital
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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: -Land, Labour, Capital and Enterprise are the four factors of production which are required for running a firm or a company profitably.
Detailed explanation-3: -Factor income is income received from the factors of production: the resources used to produce goods or services. Factor income on the use of land is called rent, income generated from labor is called wages, and income generated from capital is called profit.
There is 1 question to complete.