Can someone help me answer these questions? I will follow you and mark you as brainiest :) What are the factors of production? What is the purpose of the factors of production? Who uses the factors of production? Why should knowledge be included as a factor of production? Who owns the factors of production?
Answers
The Basics of Factors of Production
The Basics of Factors of ProductionThe modern definition of factors of production is primarily derived from a neoclassical view of economics. It amalgamates past approaches to economic theory, such as the concept of labor as a factor of production from socialism, into a single definition.
The Basics of Factors of ProductionThe modern definition of factors of production is primarily derived from a neoclassical view of economics. It amalgamates past approaches to economic theory, such as the concept of labor as a factor of production from socialism, into a single definition. Land, labor, and capital as factors of production were originally identified by the early political economistssuch as Adam Smith, David Ricardo, and Karl Marx. Today, capital and labor remain the two primary inputs for the productive processes and the generation of profits by a business. Production, such as in manufacturing, can be tracked by certain indexes, including the ISM Manufacturing Index.
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