Question

    Which of these is not considered a factor of production?

    A Wages Correct Answer Incorrect Answer
    B Land Correct Answer Incorrect Answer
    C Capital Correct Answer Incorrect Answer
    D Entrepreneurship Correct Answer Incorrect Answer

    Solution

    Wages are a form of compensation and not a factor of production. Factors of production include land, labor (not wages), capital, and entrepreneurship, which are the essential inputs in the production process.

    Practice Next

    Relevant for Exams: