CA CPT Exam > CA CPT Questions > Things that are needed to produce goods and s...
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Things that are needed to produce goods and services are called ...
- a)Efficient use of resources
- b)Factors of production
- c)Economic systems
- d)Private property
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Things that are needed to produce goods and services are called ...a)E...
For a production of goods , we need land , labour, capital and organisation ( Technology or entrepreneur) . That's called factors of production .so option b is correct . you have to think , whether without any of the following one ,the production is possible? and the answer is Big no
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Things that are needed to produce goods and services are called ...a)E...
Factors of production
- Labor: The physical and mental effort that people contribute to the production of goods and services.
- Land: Natural resources such as water, minerals, and forests that are used in the production process.
- Capital: The tools, machinery, equipment, and buildings used in production.
- Entrepreneurship: The ability to combine the other factors of production to create goods and services.
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Things that are needed to produce goods and services are called ...a)Efficient use of resourcesb)Factors of productionc)Economic systemsd)Private propertyCorrect answer is option 'B'. Can you explain this answer?
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