Social Sciences, asked by koozamparamnilravi, 5 months ago

What do we mean by the factors of production?

Answers

Answered by prathaam

Answer:

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Explanation:

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.

Answered by harivatsshakya

Answer:

economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.

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