prepare a short description
about the fators and
process involved in the
tertbook prouction as the
test is your favorite product
Answers
Explanation:
KEY TAKEAWAYS
Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit.
These include any resource needed for the creation of a good or service.
The factors of production include land, labor, capital and entrepreneurship. The state of technological progress can influence the total factors of production and account for any efficiencies not related to the four typical factors.
The Basics of Factors of Production
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.
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Answer:
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