Which of the following is not a major factor of production?
Transportation
Economics recognises four factors of production: land (natural resources, earning rent), labour (human effort, earning wages), capital (man-made aids to production, earning interest) and entrepreneurship or organisation (earning profit).
'Diligence' in the options is a translation of labour or hard work, so land, labour and capital are all factors of production.
Transportation is a service or economic activity that uses these factors; it is not itself a basic factor of production.
Hence, the answer is transportation.
Similar Questions
"Economics is a science under which study of interactions of human behavior as an alternative and inadequate income is studied." Who is this statement?
Important Questions from Microeconomics
Which of the following statement is correct?
I. Indifference curves are sloping from left to right.
II. Higher indifference curve gives a higher level of utility.
If in a production process, all inputs are tripled, which of the following statements follows?
I. If the output is tripled, then decreasing returns to scale apply.
II. When the output is doubled, constant returns to scale apply.
III. If the output is more than tripled, then increasing returns to scale apply.
When it is not possible to make someone good without harming someone, then such a situation is called
According to Ricardo what condition is necessary to make possible international trade between two countries?
Match List I with List II:
List- I
Shape of revenue curve of the firm
List – II
Market structure
A.
Kinked revenue-curve (I)
Monopolistic competition B.
Infinitely elastic straight line curve (II)
Perfect competition C.
Relatively less elastic curve (III)
Oligopoly D.
Relatively high elastic curve (IV)
Monopoly.
Choose the correct answer from the options given below -
