Explain the four factors of production with the help of examples
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⠀⠀⠀ ❥❈ Fᴏᴜʀ ᴛʏᴘᴇꜱ ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ
- Uɴɪᴛ ᴏʀ Jᴏʙ ᴛʏᴘᴇ ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ.
- Bᴀᴛᴄʜ ᴛʏᴘᴇ ᴏғ Pʀᴏᴅᴜᴄᴛɪᴏɴ.
- Mᴀꜱꜱ Pʀᴏᴅᴜᴄᴛɪᴏɴ ᴏʀ Fʟᴏᴡ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ.
- Cᴏɴᴛɪɴᴜᴏᴜꜱ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴏʀ Pʀᴏᴄᴇꜱꜱ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ.
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Answer:
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
J hope it will help you.
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