Which of the following coordinates other factors of production to achieve set objectives?
Answer Details
The factor of production that coordinates other factors to achieve set objectives is Entrepreneurship. An entrepreneur is a person who takes on the risk of starting a new business venture or organizing other factors of production (land, labor, and capital) to achieve set objectives. Entrepreneurs are responsible for bringing together and coordinating these resources in a way that maximizes their productivity and creates value. They identify business opportunities, allocate resources, and make decisions about how to produce and distribute goods and services. Entrepreneurs are important for economic growth and development as they create new jobs, introduce innovative products and services, and stimulate competition. Therefore, entrepreneurship is a crucial factor in any economy as it brings innovation, growth, and development.