Question

(Long answer type questions). Q5. What factors are needed for production?​

Answer 1

Answer:

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.

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Answer 2

Factors of production include natural resources,labour,factory, building,machinary ,tools,raw materials and enterprise.