Question

Q13. Explain the factors of production .


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Answer 1

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services. ... 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 good and service. economists divide the factors of production into four categories : land, labor, capital and entrepreneurship.

Explanation:

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