write about three factors of production
Answers
Answer:
There are three basic resources or factors of production: land, labour and capital. The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods".Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Answer:
There are three basic resources of factors of production: land, labour and capital. The factors are also frequently labelled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labelled "consumer goods".