Question

5. Explain the four factors of production. Which factor is most scarce and
why?​

Answer 1

Answer:

Identifying Factors of Production

You may have at some point in your life been part of or seen local neighborhood children running a lemonade stand. Running a lemonade stand is probably the simplest example that showcases one of the main goals of our economic system: to make a profit. In order to make a profit, a person usually needs certain things, or certain economic inputs. The economic inputs used to make a profit are called factors of production. According to traditional economic theory, there are four main factors of production: land, labor, capital, and entrepreneurship.

Answer 2

Answer:

Answer is in the attachment.