Question

Q1. Which of the following is not included in the factor of production?
(a) A painter painting his own house.
(b) A painter who is employed to paint a building.
(c) A teacher delivering his teaching in the class room.
(d) A doctor treating his patient in the hospital.

Answer 1

Answer:

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.

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