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Choose given statement is true/false.

Generally, land, labour, physical capital and enterprise(organisation) are called factors of production.

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True

False

answer is A.

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Detailed Solution

The Above Statement is True.
The Factors of production are Land, Labour, Physical Capital and Entrepreneurship.

Land: It is the primary factor of production. All the natural resources present above the Land surface or below the Land are the Land.

Labour: All the human efforts that are made in production are labour.

Capital: Capital includes machinery, tools, equipment, raw material, etc. These are all artificial resources which are used to finish the goods.

Entrepreneur: He is the one who decides what to produce, how to produce and where to produce.

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