Factors of production include

Question

Quizplus · Accepted Answer

The factors of production are land, labor, capital, and entrepreneurship. They are the resources used in the production of goods and services in an economy. The economic system (B) is not a factor of production, but rather the set of rules and institutions that govern the production, distribution, and consumption of goods and services in an economy. Choice C is incorrect because land is a factor of production, along with labor and capital. Choice D is also incorrect because it excludes entrepreneurship, which is necessary for the organization and management of the other factors of production.

Factors of Production Include