Explain any three factors of production.
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Explanation:
Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
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the factor of production are.
a) The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.
b) The second factor of production is labor. Labor is the effort that people contribute to the production of goods and services.
c) The third factor of production is capital. The income earned by owners of capital resources is interest.
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