Question

Q5.What are the factors of production? Describe with examples.​

Answer 1

Answer:

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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. This includes not just land, but anything that comes from the land...

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Answer 2

Answer:

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What are the factors of production? Describe with examples.

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The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

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