Question: In economics, which of the following is a factor of production?
Options:
Land
Labor
Capital
All of these
• 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.