Factors of Production Are Grouped into Four Categories

question 270

Multiple Choice

Factors of production are grouped into four categories

• A) land, labor, capital, entrepreneurship.
• B) land, labor, capital, money.
• C) land, capital, money, entrepreneurship.
• D) labor, capital, money, entrepreneurship.

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Definitions:

W. Edwards Deming

An American engineer, statistician, professor, author, lecturer, and management consultant known for his work in the field of quality management.

Layout Strategy

An organizational plan for the physical arrangement of business resources, like machinery and equipment, to optimize production efficiency and effectiveness.

Ten Critical Decisions

Refers to the key decisions that managers of operations and supply chain functions need to make to ensure the efficiency and effectiveness of their operations.

Company Income Statement

A financial report that shows a company's revenues, expenses, and profit over a certain period of time.