what are the important of factors of production write any four points
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The factors of production are land, labor, capital, and entrepreneurship, which are seamlessly interwoven together to create economic growth. Improved economic growth raises the standard of living by lowering production costs and increasing wages.
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“Factors of production” is an economic term that describes the inputs used in the production of goods or services to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship.
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.
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