Which of the following is not a factor of production?
A) Land
B) Labor
C) Raw materials
D) Competitive forces
E) Managerial sophistication

Question

Quizplus · Accepted Answer

Competitive forces are not a factor of production. The factors of production are usually classified into four categories: land, labor, capital, and entrepreneurship (sometimes referred to as management or organization). Raw materials are a component of the land factor. Managerial sophistication, on the other hand, can be classified as entrepreneurship. Competitive forces represent the competition between firms in a given industry or market, which is not a direct input to the production process.

Which of the Following Is Not a Factor of Production