Which of the following is NOT an example of a factor of production?
A) the land ploughed by a farmer in order to grow corn
B) the chief executive officer of a large corporation
C) an office building
D) a product's price

Question

Quizplus · Accepted Answer

Factors of production refer to resources used in the production of goods and services, which are typically classified into land, labor, capital, and entrepreneurship. A product's price is not a factor of production, but rather the result of the interaction between supply and demand in a market. The other options all represent different factors of production: land, labor (CEO), and capital (office building).

Which of the Following Is NOT an Example of a Factor