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Which of the following is considered a factor of production? (2022)

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Question: Which of the following is considered a factor of production? (2022)

Options:

  1. Money
  2. Land
  3. Government
  4. Trade

Correct Answer: Land

Exam Year: 2022

Solution: 

Land is considered a factor of production, along with labor and capital, as it is a resource used to produce goods and services.

Which of the following is considered a factor of production? (2022)

Practice Questions

Q1
Which of the following is considered a factor of production? (2022)
  1. Money
  2. Land
  3. Government
  4. Trade

Questions & Step-by-Step Solutions

Which of the following is considered a factor of production? (2022)
  • Step 1: Understand what a factor of production is. It refers to resources used to create goods and services.
  • Step 2: Identify the main types of factors of production: land, labor, and capital.
  • Step 3: Recognize that land includes natural resources like soil, water, and minerals.
  • Step 4: Conclude that land is indeed a factor of production because it is essential for producing goods and services.
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