Question

Answer briefly :
Highlight the factors of production in both cottage industry and crayon industry.
Are they same or different ?​

Answer 1

Explanation:

Entrepreneurship is necessary in order to have new forms of economic activity. To this extent, all of the factors of production are equally important. ... For example, if one is engaged in subsistence farming, land is more important than the other factors. Labor and capital are important, but land is irreplaceable.