What are the main factors of production of goods and services .write briefly?
Answers
Explanation:
to ensure the quality and quantity o
of the goods and services
to give the valuable goods to yhe consumers.
to provide the basic needs of the peoples
some remaining are there i will send u soon bye.. sry
Answer:
Identifying Factors of Production
You may have at some point in your life been part of or seen local neighborhood children running a lemonade stand. Running a lemonade stand is probably the simplest example that showcases one of the main goals of our economic system: to make a profit. In order to make a profit, a person usually needs certain things, or certain economic inputs. The economic inputs used to make a profit are called factors of production. According to traditional economic theory, there are four main factors of production: land, labor, capital, and entrepreneurship.
Land
In its simplest form, land is the physical place where economic activity takes place. In our lemonade stand example, it could be the patch of lawn in front of your house. However, land also includes all the natural resources found on it.