Which of the following is not a factor of product?
Answer Details
Staffing is not a factor of product. The factors of production are the resources that are used to produce goods and services. The traditional factors of production are land, labor, capital, and organization. Land refers to all natural resources that are used in production, including land itself, minerals, and water. Labor refers to the human effort that is used in production, including physical and mental skills. Capital refers to the financial resources, machinery, and equipment that are used in production. Organization refers to the ability to coordinate the other factors of production to produce goods and services efficiently. Staffing, on the other hand, refers to the process of finding, hiring, and managing employees to work in an organization. While staffing is an important aspect of running a business, it is not considered a factor of production because it is not directly involved in the process of producing goods or services.