Which of the following is not a factor of production?
D. Goods and Services
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Best Answer for Which of the following is not a factor of production?
Option D is correct. Goods and services are not a factor of production.
The factor of production is defined as the factors that are necessary to manufacture the goods and services. The factor of production is important for producing the goods. It includes labor, capital, and land but does not include goods and services.
The Correct Answer for Which of the following is not a factor of production?
D.Goods and Services: This option is correct.
The factor of production is required to produce goods and services. This can not become a factor of production. So, this is the correct option.
The factors of production are the inputs necessary to provide goods or services. They include land, labor, capital, and entrepreneurship.
Reproductive factors or resources are the inputs or resources that are used in the production of goods and services in order to obtain profits.
There are four main factors of production which include; Land, work, capital and entrepreneurship.
All of these are natural resources available for use in the production of goods.
These natural resources include the earth’s raw materials, non-renewable resources like oil, and renewable resources like wood.
The rent or reward derived from land as a factor of production is rent.
Refers to human power or work done by humans.
The value of work depends on the skills, education and motivation of the workers.
The rewards of labor as a factor of production are wages and salaries.
These are capital goods, that is, man-made objects that are used to produce goods and services such as machinery, equipment, and chemicals.
It also includes industries and commercial buildings.
The reward or income from capital goods is interest.
It’s about creating an idea and turning it into a profitable business.
Therefore, an entrepreneur is an individual who combines other factors of production to create a business and add supply to the economy.
The reward or income that entrepreneurs earn is profit.