Question

Essay of factors of production

Answer 1

The factors of production include natural resources, labor, capital, and entrepreneur. ... Natural resources include actual surface land and water. They also include fish, animals, forests, and mineral deposits.

Answer 2

Answer:

㉫ししし✿ ๓A†㉫ ❤

Explanation:

Factors of production are resources necessary to produce goods and services. There are four factors of production. The factors of production include natural resources, labor, capital, and entrepreneur. These factors of production are very important to our economy. Firstly, natural resources are “gifts of nature” that make production possible. One example of a natural resource is a tree to produce paper. Natural resources include actual surface land and water. They also include fish, animals, forests, and mineral deposits.

Secondly, labor is the human effort directed toward producing goods and services. An example of labor is a factory worker. Labor includes anyone who works and produces goods, and services. Basically, labor can also be known as “human resources”. Thirdly, capital is previously manufactured goods used to make other goods and services. An excellent example of a capital good is a hammer. Capital is the result of production. Capital goods cannot be found as a part of the natural Earth itself.!!