Which factor is not a factor of production?
Which factor is not a factor of production?
In economics, capital typically refers to money. However, money is not a factor of production because it is not directly involved in producing a good or service. Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or to pay wages.
What are the 4 major factors of economic production?
Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Which is not a factor resources?
In the short-run, ________ factor(s) of production is / are variable.
Which of the following is not a factor of production entrepreneurship?
The correct answer is (a) money. Money facilitates the production process.
Which of the following is not a factor of production a human capital B entrepreneurship C money’d land?
The correct answer is e. This is because, while money is used to get or use other factors of production, it is not a resource in itself.
Which of the following is not a factor of production land money capital entrepreneurship?
The correct answer is (a) money. Money facilitates the production process. As a medium of exchange, money is used to acquire raw materials and other…
Which of the following is not a 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. Factors of reproduction or resources are inputs or resources that are used in the generation of goods and services with an aim of making profit.
What is the value of labor as a factor of production?
The value of labor depends on the skills, education and motivation of workers. The reward for labor as a factor of production is wages and salaries. This refers to the capital goods, that is, man-made objects that are used for production of goods and services such as machinery, equipment and chemicals.
Who is considered part of the labor available to the economy?
People who are employed or would like to be are considered part of the labor available to the economy. Capital is a factor of production that has been produced for use in the production of other goods and services. Office buildings, machinery, and tools are examples of capital.
What is the difference between labor and capital in economics?
Labor is the human effort that can be applied to the production of goods and services. People who are employed or would like to be are considered part of the labor available to the economy. Capital is a factor of production that has been produced for use in the production of other goods and services.
