Which of the following sets fully represents factors of production?

  • A Sunlight, machinery, man, land
  • B Land, water, weather
  • C Money, market, middlemen
  • D Land, labour, capital, enterprise, technology
jamb 2021economics

The correct answer is D. Land, labour, capital, enterprise, technology

Factors of production are the inputs or resources that are used to produce goods and services in an economy.

The four common factors of production are land, labour, capital, and enterprise (or entrepreneurship).

Some modern economists also consider technology and information as additional factors of production.

 

Previous question Next question