Which of the following is NOT considered a natural resource in the context of factors of production?

• A. Land
• B. Time
• C. Water
• D. Air

Answer: (B)

Verified step by step guidance

1. Step 1: Understand the concept of factors of production, which typically include land, labor, capital, and entrepreneurship. Natural resources fall under the category of 'land' in this context.
2. Step 2: Identify what qualifies as a natural resource. Natural resources are materials or substances that occur naturally in the environment and can be used for economic gain, such as land, water, minerals, and air.
3. Step 3: Analyze each option given: 'Land', 'Water', and 'Air' are all natural resources because they exist naturally and are used in production processes.
4. Step 4: Consider 'Time' in the context of factors of production. Time is not a natural resource; rather, it is a measure or constraint but not a resource that can be directly used in production like land or water.
5. Step 5: Conclude that 'Time' is NOT considered a natural resource in the context of factors of production, distinguishing it from the other options.