Which of the following is not a factor of production? a. machines and buildings b. labor c. money...
Question:
Which of the following is not a factor of production?
a. machines and buildings
b. labor
c. money
d. land
Factors of Production:
Factors of production are resources used by a firm to produce the goods and services that are sold to consumers. All of these factors also earn income in one form or another.
Answer and Explanation:
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Factors of Production in Economics: Definition, Importance & Examples
from
Chapter 3 / Lesson 45
213K
The resources that companies use in the production of goods and services are described as the 'factors of production'. Dive into examples to learn the key terms and types of factors (land, labor & capital), and their importance in modern economics.
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