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Question

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


A
True
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B
False
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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.

Social Science
NCERT
Standard IX

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