Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:What would NOT be considered a factor of production?
O
O
O capital
O
labour
land
stocks
Expert Solution
Step 1 Factors of production
Ans. Factors of production are the factors that use in the production process to produce goods and services.
Following are the factors of production:
Land, Labour, Capital, and Entrepreneur
For the service of factors of production, they receive factor payment.
Land - Rent
labor - wages and salaries
Capital - Interest
Entrepreneur - Profit
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