Question

What are the factors for production of goods and services?

Answer 1

Factors of production is an economicterm that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship.

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Answer 2

Hii..

.The first requirement is land and other natural resources like water, forests, minerals, etc.

.The second requirement is labour, i.e., the people who will do the work. Some activities require educated workers to perform the necessary task and other activities require workers who can do manual work.

.The third requirement is physical capital, i.e., the variety of inputs required at every stage during production. It includes fixed capital and working capital.

.Fourth requirement-knowledge and entrepreneur.

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