2. Explain the various factors of production?
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Explanation:
The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. ... The second factor of production is labor.
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Answer:
The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. ... The second factor of production is labor.
The three main Factors of Production are
- Land
- Labor
- Entrepreneurship
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