New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    What are the factors of

    production?
    A Land Correct Answer Incorrect Answer
    B Labour Correct Answer Incorrect Answer
    C Capital Correct Answer Incorrect Answer
    D All of these Correct Answer Incorrect Answer

    Solution

    Factors of production refer to the resources or inputs used in the process of producing goods and services. They include: A. Land: This includes all natural resources used to produce goods and services, such as soil, water, minerals, and forests. B. Labour: It represents the human effort and skill directed towards producing goods and services. C. Capital: This includes physical capital (machinery, tools, buildings) and financial capital (money) used in the production process.

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