Question
Download Solution PDFIn a production function, which of the following is NOT a factor of production?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Output.Key Points
- Production Function is a mathematical model that shows the relationship between inputs (factors of production) and output in the production process.
- Factors of Production are the resources that are used in the production process to produce goods and services.
- The factors of production are classified into four categories - land, labour, capital, and entrepreneurship.
- Output is the final product that is produced after the production process is completed.
- It is not a factor of production but the result of the production process.
Additional Information
- Capital is one of the important factors of production that includes all the man-made resources used in the production process, such as machinery, tools, buildings, etc.
- Land is another important factor of production that refers to all the natural resources that are used in the production process, such as land, water, air, minerals, etc.
- Labour is also an important factor of production that refers to the human resources that are involved in the production process, such as workers, managers, supervisors, etc.
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