Which of the following statements about factors of production is the most accurate?
A)the five factors of production are energy,capital,labour,leadership and money.
B)wealth creation in poor nations is slowed by chronic shortages of labour.
C)each of the factors of production is equally important in creating wealth.
D)entrepreneurship and knowledge are the most important in creating wealth.

Question

Quizplus · Accepted Answer

While all factors of production are important, entrepreneurship and knowledge are often considered the most important in creating wealth. Entrepreneurs bring new ideas and innovations to the market, while knowledge and expertise can lead to more efficient and effective use of the other factors of production. Additionally, in many industries, physical capital (such as machinery) can be easily replicated, but knowledge and entrepreneurship are unique and difficult to replicate, giving them a competitive advantage.

Which of the Following Statements About Factors of Production Is