what are the four principles factors of production
Answers
Answer:
The factors of production in an economy are its labor, capital, and natural resources. Labor is the human effort that can be applied to the production of goods and services. People who are employed or would like to be are considered part of the labor available to the economy.
Answer:
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.
Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.
Explanation:
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