which are the factors required for production of goods and servcies? Explain each
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- 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.
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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.
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