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  • ICAR and TNAU E-Course Summarized

    Summarized Notes
  • In economics, which of the following is a factor of production?

    Question: In economics, which of the following is a factor of production?

    Options:

    Land
    Labor
    Capital
    All of these

    ✅Explanation:

    • In economics, factors of production are the resources used to produce goods and services. These resources are the building blocks of any economy. The four main factors of production are:
    -Land: This refers to all natural resources used in production, such as forests, minerals, water, and land itself. The payment for land is rent.
    -Labor: This refers to the human effort used in production, such as the work of factory workers, farmers, and office staff. The payment for labor is wages or salaries.
    -Capital: This refers to man-made resources used in production, such as machinery, tools, and buildings. The payment for capital is interest.
    -Entrepreneurship: This refers to the ability to organize and manage the other factors of production to create goods and services. The payment for entrepreneurship is profit.

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