Question

name and describe the factors of production
please give the answer in 5 points​

Answer 1

Answer:

The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. ... Land resources are the raw materials in the production process.

Answer 2

Answer:The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. ... Land resources are the raw materials in the production process.

Knowledge, entrepreneurship, labour, capital and land has described as factors of production needed in any economic system, so as to operate effectively.