Question

Do you think the factors of production are interdependent or independent? Provide a relevant example to support your opinion

Answer 1

Answer:

Yes I think factors of production are interdependent.The 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. For example if we consider

Land as a factor:

Land has a broad definition as a factor of production and can take on various forms,from agricultural land to commercial estates to the resources available from a particular piece of land. Natural resources such as oil,gold can be extracted and refined for human consumption from the land.Cultivation of crops on land by farmers increases its value and utility.The land was responsible for generating economic value.

In this way the factors of production is interdependent.

I hope this answer may help you.