New NABARD Grade A : How to prepare ESI for Prelims & Mains- Sources & Strategy
Register

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.

Practice Next
×
×