GENERAL KNOWLEDGE

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: -Entrepreneurship The reasoning behind this is that entrepreneurship often leads to innovation, new processes, or new products. Hence, it can increase production efficiency and act as a factor of production.

Detailed explanation-3: -Full Transcript. The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-4: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.