Question

Hola!!!♥️.



what are the factors of production??❤️❤️
explain???❎❎​

Answer 1

Answer:

Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production include land, labor, capital, and entrepreneurship.

Land and labor are the earliest factors of production; humans have always mixed their labor with land and natural resources. Income from land and labor are called rent and wages, respectively. The third factor, capital, includes all those resources or tools that humans use to improve their productivity.

Answer 2

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In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.