Question

Q. 3. what are the factors of production. Explain?​

Answer 1

Answer:

Land Labor

The physical space and the natural resources in it (examples: water, timber, oil)

LABOR

The people able to transform resources into goods or services available for purchase

Entrepreneurship

The idea and motivation for creating a valuable good or service for people to buy

Explanation:

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Answer 2

Explanation:

The inputs needed for the creation of a good or service are called Factors of production.

It includes land, labour, fixed capital, working capital and human capital.