INDUSTRIAL REVOLUTION
INDUSTRIAL REVOLUTION AND ITS IMPACT
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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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goods
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Detailed explanation-1: -Land, Labour, Capital are the factors of production, except currency.
Detailed explanation-2: -According to economic theory, there are four main factors of production-land, labour, capital, and entrepreneurship. In the given options, first three are the factors of production while the fourth option of Product is not the main factor of production.
Detailed explanation-3: -What are factors of production? 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: -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.