WORLD HISTORY

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

Detailed explanation-3: -Raw materials are materials or substances used in the primary production or manufacturing of goods. Raw materials are commodities that are bought and sold on commodities exchanges worldwide. Businesses buy and sell raw materials in the factor market because raw materials are factors of production.

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: -Capital As a Factor In economics, capital typically refers to money. However, money is not a factor of production because it is not directly involved in producing a good or service.