MyQuestionIcon

2

You visited us 2 times! Enjoying our articles? Unlock Full Access!

Organic Farming

The factors o...

Question

The factors of production may be defined as resources which help the firms to produce goods or services.

A

True

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

False

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A True
The factors of production refer to the means of production by which production mechanism is facilitated. $4$ factors of production are-land, labour, capital, entrepreneurship. These help to produce goods and services in an economy.

Suggest Corrections

thumbs-up

0

Similar questions

Q. Which factor of production brings together the other factors of production to produce economic goods and services?

Q. Productive Resources required to produce goods and/or services are called _________________.

Q. _____ represents the stock of resources which help in producing goods or commodities, whereas _____ represents the flow of goods and services.

Q. Resources used by businesses to produce goods and services whether durable or non-durable are known as _______.

Q. Factor incomes are used by the factors of production to purchase goods and services, which determines the distribution of the output produced.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Organic Farming

BIOLOGY

Watch in App

explore_more_icon

Explore more

Organic Farming

Standard IX Biology

Join BYJU'S Learning Program

CrossIcon