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Entrepreneur

Land, labour,...

Question

Land, labour, capital, and entrepreneur are collectively called as _________________.

A

factors of production

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B

factors of business

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C

factors of service

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D

factors of goods

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Solution

The correct option is A factors of production
Every production, either service or goods, requires certain factors. These factors include land, labour, capital, and entrepreneur. Of all these factors, an entrepreneur is the most essential factor of production.

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Similar questions

Q. Give reasons or explain:

1. The entrepreneur is called a leader of the organization.

2. Labour cannot be stored.

3. The supply of land is inelastic.

4. Raw material is considered as a variable capital.

Q. Fill in the blanks with appropriate alternatives given in the brackets:

i. Land is subject to ___________ returns. (increasing/ constant/ diminishing/ negative)

ii. ______________ is regarded as primary factor of production. (Land/ Labour/ Capital/ Entrepreneur)

iii. Capital is a __________ factor of production. (real/ artificial/ natural/ free)

iv. Land is a free gift of _______________. (nature/ human/ foreign/ nation)

v. __________ is a leader of organisation. (A capitalist/ A consumer/ A seller/ An organizer)

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