methodology of factor of production
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Explanation:
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.
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Methodology of factor of production is as follows:
- Factor of production is divided into four categories by the economists.
- These factor includes- land, labor, capital, entrepreneurship.
- Land is the first product among all, this includes any natural resource which is used in case of production of services and goods.
- Labor involves any kind of human input.
- Manufactured resources like machines and factories are included in capitals.
- Economic growth's vital engine is entrepreneurs who brings the other three factors of production together.
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