Factors of production are grouped into four categories:

Question

Quizplus · Accepted Answer

The four categories of factors of production are land, labor, capital, and entrepreneurship. Option B correctly identifies all four categories. Option A is incorrect because money is not considered a factor of production, but rather a medium of exchange. Option C is incorrect because money is not a factor of production, and option D is incorrect because land, labor, and capital are correctly identified, but money is not a factor of production.

Factors of Production Are Grouped into Four Categories