what are different factors of production?
Economic class 9 Chapter 1 The Story Of Village Palampur
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For the production of services and goods of any type, there are four factors that are used in the production. They are land, capital, labor, and enterprise. Out of these four factors, the first and the most important factor is land. Land includes other natural resources like forests, minerals, and water.
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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.
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