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Factors of Production

Land, labour,...

Question

Land, labour, physical capital and human capital are collectively known as _______.

A

factors of politics

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B

factors of education

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C

factors of production

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D

none of the above

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Solution

The correct option is C factors of production
Production is organised by combining land, labour, physical capital and human capital, which are known as factors of production. Rent, wage, interest and profit are the rewards for the factors land, labour, capital and organisation respectively.

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