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WAEC Commerce 2016 Paper
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© africaexams.com
Question : 11
Total: 49
which of the following is not a factor of production
capital
labour
exchange
entrepreneurship
Validate
Solution:
Land
(which includes land itself as well as other natural resources and phenomena — water, forests, fossil fuels, weather, etc.),
Labor
(the human work necessary to produce and deliver goods), and.
Capital
(manmade goods used to produce other goods — factories, machinery, highways, electrical grid, etc.).
Entrepreneur
is th eorganizer of the other factors of production. without the entrepreneur, there wont be production
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