economicsChoose given statement is true/false.Generally, land, labour, physical capital and enterprise(organisation) are called factors of production.

Choose given statement is true/false.


Generally, land, labour, physical capital and enterprise(organisation) are called factors of production.


  1. A
    True
  2. B
    False  

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    Solution:

    The Above Statement is True.
    The Factors of production are Land, Labour, Physical Capital and Entrepreneurship. 
  • Land: It is the primary factor of production. All the natural resources present above the Land surface or below the Land are the Land.
  • Labour: All the human efforts that are made in production are labour.
  • Capital: Capital includes machinery, tools, equipment, raw material, etc. These are all artificial resources which are used to finish the goods.
  • Entrepreneur: He is the one who decides what to produce, how to produce and where to produce.

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