Question

describe the factors of production briefly in points ​

Answer 1

Answer:

The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship

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Answer 2

Answer:

Answer:-

There are the many Factors of Production in the Following ways :-

• Land
• Labor
• Capital
• Entrepreneurship
• In a Nutshell

Additional Information:

☯Land:

Land as a factor of production is sometimes also referred to as natural resources. It includes all naturally-occurring resources such as soil, water, air, plants, etc.

☯Labor:

Labor as a factor of production refers to the human effort that is used in the production of goods and services.

☯Capital:

Capital as a factor of production describes all man-made goods that are used in the production process.

☯Entrepreneurship:

Even though entrepreneurship is not part of the classical factors of production, it is often added to the list as a fourth factor.

☯In a Nutshell:

The four factors of production describe all the inputs or resources that are used in the production of goods and services.