What are the four categories into which factors of production are grouped?

Question

Quizplus · Accepted Answer

The four categories into which factors of production are grouped are land, labor, capital, and entrepreneurship. This is a widely accepted and recognized classification of factors of production in economics. Option B is incorrect as profit, wages, rent, and interest are not factors of production but rather forms of income generated by the factors. Option C is also incorrect as it fails to include capital, which is an essential factor of production. Option D is incorrect as human capital is a subset of labor and not a separate category of factors of production.

What Are the Four Categories into Which Factors of Production