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Question
What are the four factors of production?
Options
Land, Labour, Capital, Income
Land, Labour, Capital, and Entrepreneurship
Choice, Growth, Opportunity cost, Land
Allocation of Resources, Utilisation, Opportunity Cost, Capital
MCQ
Solution
Land, Labour, Capital, and Entrepreneurship
Explanation:
Land, labour, capital, and entrepreneurship are the four components of production, which are defined as goods and services required to carry out production. In accordance with demand, they are only accessible in limited quantities.
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Meaning of Macro Economics
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