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