GCE Commerce 2023 Objective — Question 2
Question 2 of 50 from the General Certificate of Education (GCE) Commerce 2023 Objective paper, with the correct answer and a full explanation.
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Land, labour, capital and entrepreneurship are collectively known as (a) factors of production (b) means of exchange (c) economic resources (d) inputs of production
- A. factors of productionCorrect
- B. means of exchange
- C. economic resources
- D. inputs of production
Explanation
Factors of production are the resources used to produce goods and services; the four traditional factors are land, labour, capital and entrepreneurship.
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