Choose given statement True/False:

There are four main factors of production.

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True

False

answer is A.

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Detailed Solution

The above statement is true.
There are four main factors of production. It includes land, labour, physical capital, and human capital. All of them are essential for production, and production is impossible, with even one missing. The land is necessary for setting up factories and offices, while labour is required to do the production work. Human capital is essential for the sale and marketing of products. Physical capital is of two types. Fixed capital includes tools, machinery, and buildings; working capital includes raw materials and money.

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