Which of the Following Are Considered Factors of Production Used

question 54

Multiple Choice

Which of the following are considered factors of production used to produce goods and services?
I. Land
II. Labor
III. Capital
IV. Entrepreneurship

• A) I and II only
• B) I and III only
• C) I, II and III only
• D) I, II, III and IV

---

Definitions:

Skill-Based Pay Systems

Pay structures that set pay according to the employees' levels of skill or knowledge and what they are capable of doing.

Empowerment

Involves giving employees the authority, resources, and responsibility to manage their own tasks and make decisions, aiming to increase their influence and performance within the organization.

Product Market

The marketplace where final goods or services are traded between sellers and consumers or businesses.

Pay Grades

Sets of jobs having similar worth or content, grouped together to establish rates of pay.