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JAMB Economics 1982 Question 5

Question 5

Theory of Production

In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are

  1. A.profitable to the production process
  2. B.purchased for the purpose of production
  3. C.combined in the production process
  4. D.provided adequately for the production process
  5. E.brought into the factory.
Show the answer and explanation

Answer: C (combined in the production process)

Explanation

No single factor produces on its own; output results only when land, labour, capital and enterprise are combined.