Which of the Following Is Not a Factor of Production

question 74

Multiple Choice

Which of the following is not a factor of production?

• A)an acre of farmland
• B)a drill press in a machine shop
• C)the manager of the local tire shop
• D)$1,000 in cash

Analyze the effects of varying demand and lead time on inventory management and reorder points.

Evaluate the impact of quantity discounts on the total cost and ordering strategies.

Understand and apply the principles of inventory management to special cases such as perishable goods and seasonal demand.

Calculate the total inventory costs under different inventory management strategies.

---

Definitions:

Ethical

Ethical refers to behavior or decisions guided by a set of moral principles and values, often relating to what is right and wrong.

Long Run

Refers to a period of time sufficient for all factors of production and costs to become adjustable, often used in economic analysis to predict future trends.

Risk-Taking

The act of undertaking actions or making decisions that involve the possibility of facing undesirable outcomes.

Entrepreneurship

The activity of setting up a business or businesses, taking on financial risks in the hope of profit, characterized by innovation, strategy, and risk-taking.