. Factors of production have alternative uses." Explain this statement.
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Answered by
10
Answer:
Explanation:
Factors of production are land , labour, natural resources, entrepreneur. t alternative uses such as land has consumption value as well as financial value, labour can used for different purposes, natural resources have different purposes etc
Answered by
6
Explanation:
- The factors of the production is defined as the resources, which can be utilized to produce the production output.
- There are so many resources which are used as the raw materials for the production value in general terms which are plotted as the deliverables for the society.
- This is mentioned in the economical value which brings out the value telecasted for a particular out cast for the product.
Ex: Wheat flour, milk involved in the bread baking.
To know more:
Explain the different factors of production
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