what are called factors of production?
Answers
Answer:
Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor and capital.
Answer:
Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
The productive factors are commonly classified into three groups: land, labour, and capital. The first represents resources whose supply is low in relation to demand and cannot be increased as the result of production. The income derived from the ownership of this factor is known as economic rent.
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