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Earning a profit is important to a business because profitability impacts whether a company can secure financing from a bank, attract investors to fund its operations and grow its business. ... Producing more creates the opportunity to make more sales, which in turn offers the potential to increase profits.
1st questions
Explanation:
2.Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit.
These include any resource needed for the creation of a good or service.
The factors of production are land, labor, capital, and entrepreneurship.1
The state of technological progress can influence the total factors of production and account for any efficiencies not related to the four typical factors.
Land as a factor of production can mean agriculture and farming to the use of natural resources.
Factors Of Production
How Factors of Production Work
The modern definition of factors of production is primarily derived from a neoclassical view of economics. It amalgamates past approaches to economic theory, such as the concept of labor as a factor of production from socialism, into a single definition.