Q. Which of the following are factors of production?
1.Labour
2.Capital
3.Land
4.Entrepreneurship
Choose the correct answer from below given codes:

[A] 1, 2 and 3 only

[B] 2, 3 and 4 only

[C] 1, 3 and 4 only

[D] 1, 2, 3 and 4

Answer: D
Notes:

Explanation: Four kinds of contributions that can be made during the production of goods and services

(a) Contribution made by human labour, remuneration for which is called wage

(b) Contribution made by capital, remuneration for which is called interest

(c) Contribution made by entrepreneurship, remuneration of which is profit

(d) Contribution made by fixed natural resources (called ‘land’), remuneration for which is called rent.

Source: NCERT – Macro economics

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