Which of the Following Factors of Production Are Most Likely

question 32

Multiple Choice

Which of the following factors of production are most likely to be used by a typical firm?
(i) labour
(ii) land
(iii) equity

• A)(i) and (iii)
• B)(ii) and (iii)
• C)(i) and (ii)
• D)(i), (ii) and (iii)

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Definitions:

Competitiveness

The ability of a company, country, or individual to produce goods and services at a lower cost, higher quality, or more innovatively than competitors.

Labor Costs

The expenses incurred by an employer for their workforce, including salaries, benefits, and taxes.

HR Factors

Refer to the various elements such as recruitment, selection, training, compensation, and employee relations that influence the functioning and success of the Human Resource department.