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Q.

What are the four factors of production?


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a

Land, labor

b

Capital

c

Entrepreneur

d

All of the above 

answer is D.

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Detailed Solution

There are majorly four factors of production which are essential for producing goods and services. Primarily, the land is the most critical factor because it is a gift of nature. It is used for growing crops and building industries on it. The second will be the labor that produces goods and is the second most important factor. Labors help in the production process; in return, they are provided with employment and wages/salaries. Different activities need workers, such as casual, educated, and skilled. Capital is the third most important factor. It is of two types, i.e., physical and human. Physical requires machinery and buildings, which fall under fixed capital, while human comprises the knowledge needed to put all these together. An entrepreneur is a person who is taking this risk to build his business and invest in it.
 
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