Economic Awareness - Sectors of Indian Economy
Which of the following is considered a factor of production?
Which of the following is considered a factor of production?
easy Q11 of 15
Step-by-Step Solution
Step 1: Identify the factors of production
Factors of production include Land, Labour, Capital, and Entrepreneurship, which are inputs used to produce goods and services.Step 2: Analyze the options
Labour is human effort used in production, thus a factor of production. Money and Credit are financial resources, not productive inputs. Demand is a market concept, not a production factor.Final Answer:
Labour → Option BQuick Check:
Labour = correct ✅
Quick Trick: Remember LLEC: Land, Labour, Entrepreneurship, Capital.
Common Mistakes:
MISTAKES- Confusing money or credit with capital or factors of production.
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