WAEC - Commerce (2017 - No. 12)
which of the following is not a factor of production
capital
labour
exchange
entrepreneurship
Vysvetlenie
- 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