production is only possible when food factors combine together. explain statement
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In economic the factors of production refers to produce goods and services. Though the number and variety of the different resources businesses required is limitless, economists divide the factors of production into three basic categories : Land and, Labour and Capital. Land refers to all set of natural resources that businesses need to make. Labour refers to the workers required to produce goods and services. Capital refers to the human made equipment required to produce the goods.
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Resources required for the generation of products or administrations, for the most part, characterized by four noteworthy groups:
1. Land (counting every single natural resource),
2. Labor (counting every single human resource),
3. Capital (counting all man-made resources), and
4. Enterprise (which brings all the past assets together for production)
These components are characterized likewise as administration, machines, materials, and cash (this, the 4 Ms), or other such classification. All the more as of recently, knowledge has come to be perceived as unmistakable from work, and as a factor of generation in its own particular right.
1. Land (counting every single natural resource),
2. Labor (counting every single human resource),
3. Capital (counting all man-made resources), and
4. Enterprise (which brings all the past assets together for production)
These components are characterized likewise as administration, machines, materials, and cash (this, the 4 Ms), or other such classification. All the more as of recently, knowledge has come to be perceived as unmistakable from work, and as a factor of generation in its own particular right.
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