Question

Explain the three factors
of production
4 points​

Answer 1

Land : Free gift of nature which has human control on it is known as land.

Labour : Physical or mental effort exerted by human is known as labour.

Capital : The money or wealth needed to produce goods and services is known as capital.

Answer 2

Through the number and variety of different resources businesses require is limitless,economists divide the factors of production into three basic categories:land,labour,and capital.land refers to all of the natural resources that businesses need to make and distribute goods and services

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