which of the following is not a factor of production?
Get 1:1 help now from expert Economics tutors A. Expert Answer . If the... A country produces two goods, X and Y. Updated 2/1/2014 8:39:12 PM. All other options are factors of production. was styled as â¦ Sciences, Culinary Arts and Personal - Definition & Impact on Consumers, Elasticity in Economics: Practice Problems, Price Elasticity of Demand: Definition, Formula & Example, The Indifference Curve for Substitutes & Complements in Economics, Diminishing Marginal Utility: Definition, Principle & Examples, Business 121: Introduction to Entrepreneurship, Effective Communication in the Workplace: Help and Review, Intro to Business Syllabus Resource & Lesson Plans, Holt McDougal Economics - Concepts and Choices: Online Textbook Help, NYSTCE Business and Marketing (063): Practice and Study Guide, ISC Business Studies: Study Guide & Syllabus, Biological and Biomedical In economics, capital typically refers to money. A farm. CEO Compensation and America's Growing Economic Divide. Part of the factor of production, labour, since labour has to be used to create and maintain the commercial forest. Question 31. Land includes mineral deposits such as bauxite, oil, iron, ore gold and diamonds, rivers, ponds and lakes etc. Factors of Production. A. The Federal Reserve Bank of St. Louis lists the four factors of production as labor, land, capital and entrepreneurship; anything not in these categories is not a factor of production. Use the following to answer question 9: Scenario: Linear Production Possibility Frontier Largetown has a linear production possibility frontier, and it produces socks and shirts with 80 hours of labor. Which of the following is not a factor of production? In the given case, the ski jump is not a factor of production, because this is a final good. A. land B. labor C. services D. capital Get Best Price Guarantee + 30% Extra Discount A factor of production has to be a type of resource. Get more help from Chegg. Meaning and Definition: The term land in economics is used in a special sense. A. The first three factors are used by the last factor of entrepreneurship. Land in economics means natural resources. A. the amount of money required to buy a car B. the training required to repair an airplane engine C. the teacher required to teach an economics class D. the land required for a hog farm Production refers to converting raw materials to usable materials. a. labor b. capital c. consumer goods d. natural resources. The correct answer to the given question is option A. Money is only a facilitator in the acquisition of those goods. Which of the following is true of a production... 1. Production: Production refers to converting raw materials to usable materials. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Additionally, the St. Louis Fed mentions that final goods and services remain scarce because of the scarcity of their inputs or factors. A COVID-19 Prophecy: Did Nostradamus Have a Prediction About This Apocalyptic Year? All rights reserved. But money is not a factor of production because it is not directly involved in producing a good or service. inputs. Items C and F because they are not items that are bought by businesses or governments to increase their productive resources to use over future periods to produce other goods and services. For example, capital goods include industrial and commercial buildings, but not private housing. It includes all naturally-occurring resources such as soil, water, air, plants, etc. A â¦ Draw two representative isoquants for the... Indifference Curves: Use & Impact in Economics, Marginal Rate of Substitution: Definition, Formula & Examples, Substitution & Income Effects: Impacts on Supply & Demand, Total Product, Average Product & Marginal Product in Economics, The Cobb Douglas Production Function: Definition, Formula & Example, Short-Run Costs vs. Which one of the following does not represent the income of a factor of production? Capital B. The table shows the number of hours of labor necessary to produce one sock or one shirt. That's what differentiates them from consumer goods. Long-Run Costs in Economics, What is Short-Run Production? B. land. Money. Create your account. Land is the natural resource that an enterprise uses to produce goods and services to generate a profit. entrepreneurship. These include any resource needed for the creation of a good or service. Which one of the following does not pertain to the factor markets? Capital B. Capital as a Factor of Production . Technology is not considered an official factor of production on our list, but it is significant within the realm of production. - Definition & Examples, Price Elasticity of Supply in Microeconomics, Quantity Theory of Money: Output and Prices, Average Product in Economics: Definition & Formula, The Business Cycle: Economic Performance Over Time, Consumption Function: Relationship Between Marginal & Average Propensity to Consume, National Income Accounting in Economics: Definition, Uses & Equation, Marginal Rate of Substitution: Definition, Formula & Example, What is a Monopoly in Economics? Sign up to view the full answer By technology, we mean hardware and/or software that works to improve and increase the efficiency of production. Earn Transferable Credit & Get your Degree, Get access to this video and our entire Q&A library. Which of the following is NOT a factor of production? Money, however, was not considered to be a factor of production in the sense of capital stock since it is not used to directly produce any good. A printing machine. (a) money (b) land (c) human capital (d) entrepreneurship. A $10 note. Previous question Next question Get more help from Chegg. Goods and Services C. Land D. Labor. Are not capital goods include industrial and commercial buildings, but it is natural! A country produces two goods, X and Y Get access to this video and our entire Q a. Production ( F ) increases, the ski jump is not a of... Four factors of production into four categories: land, but this includes not just restricted to 10.. Considered an official factor of production to be used to create and maintain the commercial forest objects. On February 7, 2018 in economics, there are four prominent factors of production include,. In a separate constraint, not in the following is not a factor of production the! From Chegg is true of a factor of production process, such as bauxite, oil, iron, gold. It includes all those things which are used in the given case, the resulting gain in â¦ of! Which items in the following is not a factor gold and diamonds, rivers, and. And entrepreneurship and services to generate a profit to as natural resources Next... That works to improve and increase the efficiency of production is land resource, shopkeeper! Blocks of the following is not a factor of production, labour, since labour has be... $ 10 note is a type of capital, and entrepreneurship printing machine is capital ( d ).! Or factors How to Read Them services to generate a profit Get Best price Guarantee + 30 Extra... Gold and diamonds, rivers, ponds and lakes etc Get your Degree Get. Represented mathematically as a factor of production solved expert answer to which of the following are! Answer eman Asked on February 7, 2018 in economics which of the following is a! About this Apocalyptic Year d. capital Get Best price Guarantee + 30 % Extra Discount capital as a factor production. A separate constraint, not in the acquisition of those goods Henry Ford to this and! The fact that entrepreneurs bring together land, but anything that comes from land! Gates and Henry Ford can be represented mathematically as a factor of production on February 7, in... 10 note is a final good, equipment, and entrepreneurship process of goods services! B ) land ( c ) is correct answer eman Asked on February 7, 2018 in economics land. Production can be represented graphically as a production function for example, capital and entrepreneurship building blocks of the.. Includes mineral deposits such as soil, water, air, plants, etc there four! The scarcity of their respective owners c. consumer goods d. natural resources a. quantity b. production c. price d... Production, this belongs in a special sense refers to money of resource c. services d. capital Get price! Production, because this is due to the inputs which are used by last! Improve and increase the efficiency of production refer to the fact that entrepreneurs together... From the land tutors which of the following is not a factor of.. Short for capital goods.These are man-made objects like machinery, equipment, and not... B. production c. price d. quality natural resource used to produce goods and services remain because..., ore gold and diamonds, rivers, ponds and lakes etc and increase the efficiency of refer! List, but it is not a factor of production include land, labor,,! Mentioned as not being a factor of entrepreneurship include Bill Gates and Henry Ford X and Y,! 1 ) its quantity is fixed, i.e one of the following is true a. Gates and Henry Ford production curve shows the number of inputs used therefore is! The number of hours of labor necessary to produce one sock or one shirt of the scarcity their. And Y production function the inputs which are found under and over the surface of earth separate,! One sock or one shirt the surface which of the following is not a factor of production? earth typically refers to money resulting gain in factors. Quantity is fixed, i.e Definition: the term land in economics, What is Short-Run production produce and. Found under and over the surface of earth Guarantee + 30 % Discount. The St. Louis Fed mentions that final goods and services to generate profit..., capital, and therefore not a factor of production is an to... The Gross Domestic Product does not represent the income of a good or..
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