what are known as the factors of production
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land, labour, financial capital, human capital
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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.
1. 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. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests.
2. The second factor of production is labor. Labor is the effort that people contribute to the production of goods and services.
3. The third factor of production is capital. Think of capital as the machinery, tools and buildings humans use to produce goods and services.
4. The fourth factor of production is entrepreneurship. An entrepreneur is a person who combines the other factors of production - land, labor, and capital - to earn a profit.
1. 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. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests.
2. The second factor of production is labor. Labor is the effort that people contribute to the production of goods and services.
3. The third factor of production is capital. Think of capital as the machinery, tools and buildings humans use to produce goods and services.
4. The fourth factor of production is entrepreneurship. An entrepreneur is a person who combines the other factors of production - land, labor, and capital - to earn a profit.
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