Question

Hajara is a fashion entreprenuer. Which of the following fall under the entrepreneurial category of factors of production?

• A. Sewing skills
• B. Workspace
• C. Marketing skills
• D. Capital for the business

Answer 1

Answer: (A), (C)

Marketing skills

Resources that are used to produce goods and services are called the factors of production. The factors of production can be divided into four categories: land, labour, capital, and entrepreneurship. The entrepreneur combines the other factors of production to generate a profit. Experience, skills, knowledge, and ideas required to run the business are classified under entrepreneurship.