Which element is NOT included in the cost of production?

Market demand is not included in the cost of production because it refers to the consumer's desire for a product or service rather than the resources or expenses incurred in creating that product or service. The cost of production focuses on tangible inputs and expenses that contribute directly to manufacturing. This includes costs such as raw materials, labor, and financing costs associated with operations. While market demand can influence pricing and potential revenue, it does not impact the actual expenditures related to production processes, making it an external economic factor rather than an integral production cost.