which are the factors of production ? explain each of them?
Answers
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. ... Land resources are the raw materials in the production process.
Answer:
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. ... Land resources are the raw materials in the production process.
Explanation:
The Four Factors of Production
Land Labor Entrepreneurship
The physical space and the natural resources in it (examples: water, timber, oil) The people able to transform resources into goods or services available for purchase The idea and motivation for creating a valuable good or service for people to buy