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Question
Which of the following is/are considered as factor of production?
Options
Land
Labour
Capital
All of these
MCQ
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Solution
All of these
Explanation:
Land, labour and capital are all considered factors of production.
Land includes natural resources used in production; labour represents human effort, both physical and mental; capital includes man-made resources such as machinery and tools.
All these resources work together to produce goods and services, making them primary factors of production.
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