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which of the following is not a factor of production

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Commerce WAEC 2017

which of the following is not a factor of production

  • capital
  • labour
  • exchange checkmark
  • entrepreneurship

The correct answer is: C

Explanation

  • Land (which includes land itself as well as other natural resources and phenomena — water, forests, fossil fuels, weather, etc.),
  • Labor (the human work necessary to produce and deliver goods), and.
  • Capital (manmade goods used to produce other goods — factories, machinery, highways, electrical grid, etc.).
  • Entrepreneur is th eorganizer of the other factors of production. without the entrepreneur, there wont be production
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