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Question
Isa is in the process of setting up a chocolate factory. He sets it up in a shed and has money to run the business. Which of the following factors of production does Isa lack?
Isa is in the process of setting up a chocolate factory. He sets it up in a shed and has money to run the business. Which of the following factors of production does Isa lack?
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Solution
The correct option is B Labour
Land, labour, capital, and entrepreneurship are the four factors of production. In other words, to set up the chocolate factory, Isa would need space to operate, labour to work in the factory, money to invest, and skills as an entrepreneur. However, Isa seems to lack labour.
Land, labour, capital, and entrepreneurship are the four factors of production. In other words, to set up the chocolate factory, Isa would need space to operate, labour to work in the factory, money to invest, and skills as an entrepreneur. However, Isa seems to lack labour.
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