Economy, asked by arsh4294, 10 months ago

What are the main sources of production?

Answers

Answered by renuagrawal393
2

Explanation:

There are three basic resources or factors of production: land, labor, and capital. The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods".

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Answered by vijaylexi1
0

The main sources of production are land, labor, capital, and entrepreneurship.

Explanation:

  • Sources of production is an economic term that is used to describe the inputs used in the production of any good or service.
  • They help in economic profit.
  • These include any resource needed to create any good or service demanded.
  • Land as a source of production means  agriculture and farming of raw material.
  • Natural resources, such as coal, gold and oil, can be extracted and refined by labors from the mines.
  • Capital is used for building factory or organization to take care of all the things that are used while making final production.
  • Entrepreneurship is the most important source that combines all the other sources into one production.

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