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Question
How many factors are required for production of goods and services?
How many factors are required for production of goods and services?
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Solution
The correct option is B Four
The factors of productions can classified into four main categories. These are Land, Labour, Capital and Organisation. Rent, wages, interest and profits are the outcomes of the above factors. Each factor plays an important role in the production process.
The factors of productions can classified into four main categories. These are Land, Labour, Capital and Organisation. Rent, wages, interest and profits are the outcomes of the above factors. Each factor plays an important role in the production process.
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