Q. Consider the following:
- Land
- Labour
- Capital
- Entrepreneurship
Which of the above items are factors of production?
Answer:
All of the above
Notes: Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labour, capital and entrepreneurship. These production factors are also known as management, machines, materials and labour, and knowledge has recently been talked about as a potential new factor of production.