Question

what is meant by production? describe the four factors of production​

Answer 1

Answer:

Transcript. 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

Explanation:

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Answer 2

Answer:

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Explanation:

Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output).

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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