Which of the following is not a factor of production?
A. Capital
B. Goods and Services
C. Labor
D. Land
To determine which of the options is not a factor of production, let's first understand what factors of production are. Factors of production are the resources that are used in the production of goods and services. They are categories of inputs that are combined in the production process to create output.
The four primary factors of production are:
A. Capital: This refers to physical or financial assets used in production, such as machinery, tools, buildings, and money.
B. Goods and Services: This option is incorrect because goods and services are the output of the production process, not a factor of production. They are the final products or outcomes that are produced to satisfy the needs and wants of consumers.
C. Labor: This includes the physical and mental efforts of individuals who contribute to the production process by providing their skills, knowledge, and abilities.
D. Land: Land refers to all natural resources used in production, such as forests, water bodies, minerals, and agricultural land.
Based on this understanding, the correct answer to the question is B. Goods and Services. Goods and services are the output of the production process and not factors of production themselves.