BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The four main factors of economic growth are land, labor, capital, and entrepreneurship.

Detailed explanation-2: -Factors of production are the economic resources a nation uses to make goods and supply services for its population. The factors of production are land, labor, capital, and entrepreneurship, as shown in Figure 1-3. Land includes all of a nation’s natural resources.

Detailed explanation-3: -There are four factors of production-land, labor, capital, and entrepreneurship.

Detailed explanation-4: -Economics is the study of using resources to produce goods and services as effectively and efficiently as possible to satisfy the needs and wants of consumers.

Detailed explanation-5: -Market Economies A market economy is an monetary system where two forces, supply and demand, direct the production of goods and services.