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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)
Money
Land
Government
Trade
Questions & Step-by-Step Solutions
Which of the following is considered a factor of production? (2022)
Steps
Concepts
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.
No concepts available.
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