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Q.

Which of the following is a factor of production:

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a

Land

b

Labour

c

Capital

d

All of these

answer is D.

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Detailed Solution

Factors of production include land, labour, and capital.
Economists distinguish the four production elements: land, labour, capital, and entrepreneurialism. Land resources are the primary raw materials used in industrial processes. Any natural resource utilized to create products and services is considered part of the land concept. Individuals' effort to produce products and services is referred to as labour. Consider capital as the equipment, tools, and structures people employ to generate commodities and services. An entrepreneur is a person who uses capital, labour, and other production elements in combination to turn a profit.

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