The correct answer is (a) money . Money facilitates the production process.
Is labor not a factor of production?
Factors of production are the inputs needed for the creation of a good or service. The factors of production include land, labor, entrepreneurship, and capital.
Which of the following is not a factor of production a land B labor C a product D entrepreneurship?
Answer Expert Verified. Goods and services are not factors of production. Factors of production are inputs that are needed to provide goods or services. They include, land, labor, capital, and entrepreneurship.
What are the 4 factors of production used for?
| Land Labor Capital | The physical space and the natural resources in it (examples: water, timber, oil) The people able to transform resources into goods or services available for purchase A company's physical equipment and the money it uses to buy resources |
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What are the 4 factors of production and examples?
Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship .
Which option is an example of capital as a factor of production?
Capital comprises one of the four major factors of production, the others being land, labor, and entrepreneurship. Common examples of capital include hammers, tractors, assembly belts, computers, trucks, and railroads .
Which description is the best example of physical capital?
Physical capital consists of man-made goods that assist in the production process. Cash, real estate, equipment, and inventory are examples of physical capital.
What are the 7 factors of production?
= h [7]. In a similar vein, Factors of production include Land and other natural resources, Labour, Factory, Building, Machinery, Tools, Raw Materials and Enterprise [8].
What are the two major types of production?
- Primary Production: Primary production is carried out by ‘extractive' industries like agriculture, forestry, fishing, mining and oil extraction. ...
- Secondary Production: ...
- Tertiary Production:
What is the most important factor of production?
Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.
What are the four main factors of production class 9?
There are four factors of production i.e. land, labour, physical capital and human capital .
What are the six factors of production?
- natural resources. everything that is made of natural materials.
- raw materials. any good used in manufactoring other goods.
- labour. all physical and mental work needed to produce goods or services.
- capital. ...
- information. ...
- entrepreneurship.
What are the main features of production?
- Substitutability: The factors of production or inputs are substitutes of one another which make it possible to vary the total output by changing the quantity of one or a few inputs, while the quantities of all other inputs are held constant. ...
- Complementarity: ...
- Specificity:
What is the aim of production?
Aim of production is to produce goods and render services to the economy . a) The first factor of production is land, but this includes any natural resource used to produce goods and services.
What are the factors affecting production?
Most economists identify four factors of production . These are land, capital, labour and enterprise. Some economists, however, claim that there is really only three factors of production and that enterprise is a special form of labour.
What are the characteristics of factors of production?
- Land. In ordinary sense ‘land' refers to the soil or the surface of the earth or ground. ...
- Labour. Labour is the active factor of production. ...
- Capital. Marshall says “capital consists of all kinds of wealth other than free giftsofnature,whichyield income”. ...
- Organization.
