Question

Explain any three factors of production in an economy

Answer 1

In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function. There are three basic resources or factors of production: land, labor, and capital. The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods".

Answer 2

Answer:

Explanation:

The 4 factors of production are land, labor, capital, and entrepreneurship. Their ownership and value are the bedrock of any economic system. Their ownership and value are the bedrock of any economic system.