Question

explain the important factors of production
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Answer 1

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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.

Answer 2

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explain the important factors of production.

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The factors of production are land, labor, capital, and entrepreneurship, which are seamlessly interwoven together to create economic growth.

Improved economic growth raises the standard of living by lowering production costs and increasing wages.

Hope it helps you✨.

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