In a typical production function the relevant factors of production are land, labor, capital, and
A)Raw materials
B)Technology
C)Entrepreneurship
D)Resources

Question

Quizplus · Accepted Answer

While all of the options listed are important in the production process, entrepreneurship is the factor that brings together the other factors and takes on the risk of creating a product or service. Entrepreneurship involves identifying opportunities, arranging for the necessary resources, and making decisions about production processes, marketing, and distribution. Therefore, the relevant factors of production in a typical production function are land, labor, capital, and entrepreneurship.

In a Typical Production Function the Relevant Factors of Production