What is the role of land labour & capital in production system
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Land resources are the raw materials in the production process. ... The income earned by labor resources is called wages and is the largest source of income for most people. The third factor of production is capital. Think of capital as the machinery, tools and buildings humans use to produce goods and services.
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Though the number and variety of the different resources businesses require is limitless, economists divide the factors of production into three basic categories: land, labor, and capital. Land refers to all of the natural resources that businesses need to make and distribute goods and services.
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