Multiple Choice
Which sector is generally considered to use labor most efficiently, measured by output per worker?
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0. Basic Principles of Economics
Factors of Production
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Which of the following is NOT one of the four broad categories of factors of production?
A
Labor
B
Land
C
Capital
D
Technology
Verified step by step guidance1
Step 1: Understand the concept of factors of production. These are the inputs used in the production of goods and services in order to make an economic profit.
Step 2: Recall the four broad categories of factors of production, which are typically classified as: Land, Labor, Capital, and Entrepreneurship.
Step 3: Analyze each option given in the problem: Labor, Land, Capital, and Technology.
Step 4: Recognize that Technology is not considered a separate factor of production but rather a tool or method that improves the productivity of the existing factors (especially Capital and Labor).
Step 5: Conclude that since Technology is not one of the four broad categories, it is the correct answer to the question asking which is NOT a factor of production.
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