Question

Which one of the following is NOT a factor of production? a).Land b).Labour c). Agriculture d).Capital answer needed fast!!!

Answer 1

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Answer 2

"Agriculture is NOT a factor of production"

Factor of production:

                      The factors of production are resources that are the building blocks of the economy; they are what humans use to produce goods and services. Economists split the factors of production into four categories: land, labor, capital, and entrepreneurship.

• The first factor of production is land, but this consist any natural resource used to produce goods and services.

• The second factor of production is labor, labor is the effort that people give to the production of goods and services.

• The third factor of production is capital. Think of capital as the machinery, tools and buildings people use to produce goods and services.

• The fourth factor of production is entrepreneurship, an entrepreneur is a person who merges the other factors of production - land, labor, and capital - to gain a profit.