explain 4 factors of production?
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-Land:is economic resource encompassing natural resources found within a nation & economy.
-Labor:represents the human capital available to transform raw or national resources into consumer goods.
-Capital:has two economic definitions as a factor of production.
-Entrepreneurship:is considered a factor of production because economic resources can exist in an economy & not be transformed into consumer goods.
-Labor:represents the human capital available to transform raw or national resources into consumer goods.
-Capital:has two economic definitions as a factor of production.
-Entrepreneurship:is considered a factor of production because economic resources can exist in an economy & not be transformed into consumer goods.
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