Factors of Production Include

question 193

Multiple Choice

Factors of production include

• A) the economic system.
• B) land, labor, capital and entrepreneurship.
• C) labor and capital (not land, which is fixed).
• D) only capital, land, and labor.

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Definitions:

Breach of Contract

An act of failing to fulfill the terms and conditions as agreed upon in a contract, leading to legal action for redress.

Agent

One who acts under the direction of a principal for the principal’s benefit in a legal relationship known as agency. See also principal.

Gratuitous Assignment

A transfer of rights or property done freely without the expectation of receiving something in return.

Revocable

means capable of being withdrawn, cancelled, or reversed, often used in the context of trusts or agreements.