Which of the following is not a factor of production ?
Correct answer: C. money
- A. labor
- B. land
- C. money
- D. capital
Explanation
The standard factors of production are land, labor, capital, and entrepreneurship. Money is a medium of exchange and financial asset, not a productive input itself, although it can purchase capital and other resources.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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