Question

Which of the following is not a factor of production?

Answer 1

The answer is: B. Goods and Services

Factor of production refers to the resources that can be utilized to create the goods and services. (such as land, workers, capital injection, entrepreneurial skills, etc)

This mean that the goods and services are the end goal of acquiring the factors of production, they are not considered to be a part of it.

Answer 2

The correct option is (B) Goods and services.

Further explanation:

The factors of production can be defined as the means of production that is the base of economic structure. According to Marx, it is the infrastructure in society.  These are the resources that are considered as building blocks of the economic structure.

 

THE FACTORS OF PRODUCTION

There are majorly three factors of productions, which are, land, capital and labor. The first is land, which includes the natural resources that are used to produce the goods and services. This includes everything that comes from a particular land.

The second factor is labor. It is the effort that an individual contributes to the goods and services’ production. The third factor is the capital. It includes buildings, machinery, tools and human being use to produce goods and services. In this way, goods and services are not a part of goods and services.

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Answer Details:

Grade: High School

Chapter: Modes of Production

Subject: Social Studies

Keywords: factors of production, land, capital, labor, machinery, goods and services, economic structure, resources, building block