Which Of The Following Is An Example Of A Factor Of Production?

Which of the following is the best example of capital as a factor of production?

Capital comprises one of the four major factors of production, the others being land, labor, and entrepreneurship.

Common examples of capital include hammers, tractors, assembly belts, computers, trucks, and railroads..

Is knowledge a factor of production?

Knowledge has become a key factor of production and it heavily affects the returns of Capital, Labor and Land.

What is an example of a factor of production?

Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production include land, labor, capital and entrepreneurship.

What is a factor of production quizlet?

factors of production. Land, labor, and capital resources, and entrepreneur; the four basic resources that are combined to create useful goods and services. natural resources.

What is the most important factor of production?

Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.

What is production and its types?

Production is about creating goods and services. Managers have to decide on the most efficient way of organising production for their particular product. There are three main types of production to choose from: Job production, where items are made individually and each item is finished before the next one is started.

What are the three main factors of production?

There are three basic resources or factors of production: land, labour and capital. The factors are also frequently labeled “producer goods or services” to distinguish them from the goods or services purchased by consumers, which are frequently labeled “consumer goods”.

Which one of these is not a factor of production?

Money is not considered as a factor of production. Money is medium of exchange and hence it cannot help to increase the productivity of an economy like other factors of production, thus the factors of production are Land, Labour, Capital and Entrepreneurship.

What are the 4 factors of production and examples?

The four main factors of production are land, or the physical space and natural resources, labor, or the workers, capital, or the money and equipment, and entrepreneurship, or the ideas and drive, which are used together to make a successful attempt at selling a product or service according to traditional economic …

Which of the following is not an example of factor of production?

Goods and services are not factors of production. Factors of production are inputs that are needed to provide goods or services. They include, land, labor, capital, and entrepreneurship.

What are the 7 factors of production?

Factors of ProductionLand/Natural Resources.Labor.Capital.Entrepreneurship.

What are 4 factors of production?

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.