Question 2 (4 marks) "The four factors of production are needed in an efficient market to provide goods and services at

[answerhappygod]

Question 2 4 Marks The Four Factors Of Production Are Needed In An Efficient Market To Provide Goods And Services At 1 (230.61 KiB) Viewed 24 times

Question 2 (4 marks) "The four factors of production are needed in an efficient market to provide goods and services at an affordable price at the right time, place and mix,"... "Missing the calibration of these factors can be disastrous for the supplier and consumer." The supplier may face higher costs of production, forcing them to charge a higher price to the consumer or risk going out of business. Source: https://money.usnews.com/investing/inve ... production Accessed: 14/10/21 With regard to factors of production, which of the following statements is NOT true? a. Factors of production are also known as resources. b. In order to produce any good or a service, it is necessary to have factors of production. c. Factors of production include land, labour, capital, and entrepreneurship. d. Only those resources that are privately owned are counted as factors of production. (4 marks)