Question

Factors of production include all of the following except?

1) Land
2) Labor
3) Capital
4) Entrepreneurship

Answer 1

The factors of production include land, labor, capital, and entrepreneurship. However, entrepreneurship is not considered a factor of production.

Step-by-step explanation:

The factors of production include land, labor, capital, and entrepreneurship. However, entrepreneurship is not considered a factor of production.

Land refers to all natural resources used in production, such as land area, minerals, and water. Labor refers to the physical and mental effort put into production. Capital refers to the tools, equipment, and machinery used in production. And entrepreneurship is the ability to take risks and organize the other factors of production to create and run a business.

So, the correct answer is 4) Entrepreneurship.