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Choose if the given statement is True/False.

Every production is done with the help of the factors of production.

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True

False

answer is A.

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Detailed Solution

The above statement is true.
Every production is done with the help of the factors of production. There are a total of 4 factors of production.

The first factor of production is land and natural resources.

labor is the second factor of production, which will help production.

Physical capital is the third, divided into fixed capital, such as tools, machinery, buildings, etc., and working capital, such as raw materials and cash.

The last factor of production is human capital, which involves human skills, knowledge, and ideas.

.Exam Type: CBSE

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