Which of the following is NOT a factor of production?
A) entrepreneurship
B) capital
C) legal institutions
D) labour

Question

Quizplus · Accepted Answer

Legal institutions are not a factor of production. Factors of production refer to the resources that are used to produce goods and services, and they include land, labor, capital, and entrepreneurship. Legal institutions are regulatory frameworks that govern the use, distribution, and management of resources. While legal institutions can impact the productivity of factors of production, they do not fall under the definition of a factor of production.

Which of the Following Is NOT a Factor of Production