Question

What does factors of production mean? What are the four requirements for the production of goods and services?

Answer 1

Answer:

Explanation:

Factors of production is an economic term that describes the inputs that are used in the production of goods and services in order to produce an output to make economic profit.

The four factors required for the production of goods and services are:-

land , labour , capital , & organisation as rent , wage , interest & profit

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