which of the following is not a factor of production
Answer Details
The factors of production are the resources used in the production of goods and services. They include land, labor, capital, and entrepreneurship.
Land refers to natural resources such as forests, minerals, and water, which are used in production. Labor refers to the human effort used in the production process, while capital refers to the machinery, equipment, and other man-made resources used in production. Entrepreneurship refers to the individuals who take risks to start and manage businesses.
Therefore, the factor of production that is not listed in the options is "exchange." Exchange is not a factor of production as it refers to the trading of goods and services between buyers and sellers. It is not a resource used in the production of goods and services.