Question

land and labour as factors of production

Answer 1

Answer:

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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.

The second episode of our podcast series, The Economic Lowdown, discusses the factors of production.

Answer 2

Answer:

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services. ... The income that resource owners earn in return for land resources is called rent.