Which of the following is NOT considered a factor of production in economics?

• A. Labor
• B. Land
• C. Capital
• D. Money

Answer: (D)

Verified step by step guidance

1. Step 1: Understand the concept of factors of production. In economics, factors of production are the inputs used to produce goods and services. They typically include Labor, Land, and Capital.
2. Step 2: Define each factor: Labor refers to human effort used in production; Land includes natural resources; Capital refers to man-made resources like machinery and tools used in production.
3. Step 3: Recognize that Money is not a factor of production. Instead, money is a medium of exchange used to facilitate transactions but does not directly contribute to the production process.
4. Step 4: Compare the options given: Labor, Land, and Capital are all factors of production, while Money is not because it does not produce goods or services by itself.
5. Step 5: Conclude that the correct answer is Money, as it is not considered a factor of production in economics.