Which Item Is NOT a Factor of Production

question 202

Multiple Choice

Which item is NOT a factor of production?

• A) labour
• B) machines and buildings
• C) land
• D) money

Describe conditions for allocative efficiency in markets.

Recognize the efficiency outcomes of competitive markets.

Understand public goods and their characteristics.

Identify the role of government in market economies.

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Definitions:

Purposive Rationality

A decision-making process that involves setting specific goals and systematically pursuing them through the most efficient means.

Social Rationalism

A theoretical perspective that emphasizes the role of reason and rational thought in the organization of society and the behavior of its members.

Sarbanes-Oxley Act

The Sarbanes-Oxley Act is a United States federal law enacted in 2002 to protect investors by improving the accuracy and reliability of corporate disclosures.

Panel on the Nonprofit Sector

An advisory group or committee that focuses on addressing issues, challenges, and opportunities within the nonprofit sector, often providing guidance, research, and recommendations.