Which of the Following Is NOT Usually Referred to as a "Factor

question 3

Multiple Choice

Which of the following is NOT usually referred to as a "factor of production"?

• A) Land
• B) Water
• C) Capital
• D) Labour

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Definitions:

Agents

Individuals or entities authorized to act on behalf of another person or entity in legal or business matters.

Contract

A legally binding agreement between two or more parties that outlines obligations and rights.

Principal

In a legal context, the principal is the party who grants authority to an agent to act on their behalf in legal or financial matters.

Apparent Authority

A situation where someone appears to have the power to act on behalf of another (such as an employer), even if they do not have actual authority.