9. What are the most important factors of production? Give examples.
Answers
Answer:
The factors of production are the resources used in creating and producing a good or service and are the building blocks of an economy. The factors of production are land, labor, capital, and entrepreneurship, which are seamlessly interwoven together to create economic growth.
Answer:
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Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.
EX......
The physical space and the natural resources in it (examples: water, timber, oil)
The physical space and the natural resources in it (examples: water, timber, oil) The people able to transform resources into goods or services available for purchase.
The physical space and the natural resources in it (examples: water, timber, oil) The people able to transform resources into goods or services available for purchase. The idea and motivation for creating a valuable good or service for people to buy..