Land, Labor and Entrepreneurship are all of the factors of production.

Question 8 options:

True

False

The correct answer is False.

Explanation

Production has four factors, which are land, labor, capital, and entrepreneurship. The first, the land, refers to all the goods that can be obtained from the land, both cultivation, wood from trees, minerals such as coal, oil, metals, among others; the second is work, this refers to the workforce and the work of individuals to obtain a product; the third is capital, that is, money, machinery, supplements, and everything necessary to carry out production; the fourth is entrepreneurship, that initial motivation to start production and carry out the entire process, and earn profits from it. According to the above, the answer is false because in addition to labor, land and entrepreneurship, capital is a factor in production. So, the correct answer is False.