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Q.

Choose the statement that is true/false:

These are the four production factors.

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
In economic systems, it is presumed that families own the factors of production and lend or lease them to businesspeople and organisations. This is a theoretical construct, though, and it is rarely seen in action. With the exception of labour, ownership of the factors of production varies by industry and economic system. These are the four production factors: Financial Capital, Land, Human Resources, and Labour. Human capital is the most important component of production because it combines land, labour, and physical capital and produces an output either for personal consumption or for sale.

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