Explain how businesses combine factors of production to create goods and services
Answers
Answered by
1
Answer:
All businesses, both for-profit and nonprofit, need resources in order to operate. Simply put, resources are the inputs used to produce outputs (goods and/or services). Resources are also called factors of production. What makes something a resource? For one thing, it needs to be productive.
The following video will give you an overview of what economists mean when they talk about resources or factors of production.
There are four categories of resources, or factors of production:
Natural resources (land)
Labor (human capital)
Capital (machinery, factories, equipment)
Entrepreneurship
Explanation:
Hope this helps u so
Follow me for more Answers of your questions......
and please Mark me as Brainlist !!!
Keep on Learning !!! (◠‿◕)
Similar questions