Question

Define the term wealth. Explain all the factors of production.



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Answer 1

Answer:

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Explanation:

Key Takeaways. Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production include land, labor, capital and entrepreneurship.

Answer 2

Answer:

Factors of production are the inputs needed for the creation of a good or service. The factors of production include land, labor, entrepreneurship, and capital.