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WAEC Commerce 1999 Question 4

Question 4

Production

Which of the following refers to all the resources used in creating utilities?

  1. A.A Fixed capital
  2. B.Factors of production
  3. C.Entrepreneurship
  4. D.Labour
Show the answer and explanation

Answer: B (Factors of production)

Explanation

Land, labour, capital and entrepreneur together are the factors of production.