JAMB Commerce 2004 Question 39

Question 39

Production

Factors of production can be described as the

  1. A.resources required for the provison of goods and services
  2. B.skills involved in deciding and directing the flow of goods
  3. C.monetary tools employed by government to ensure stable production
  4. D.elements involved in the process of formulating policies on production
Show the answer and explanation

Answer: A (resources required for the provison of goods and services)

Explanation

Land, labour, capital and entrepreneurship are the resources needed to produce goods and services.