BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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what are the factors of production?
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wants, needs, happiness
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resources people use to produce goods and services
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the factors that go into proudction
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the way shops are run in order to be successful
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Explanation:
Detailed explanation-1: -In economics, 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.
Detailed explanation-2: -Land is generally considered one of the most important factors of production. Certain industries rely on land more than others.
Detailed explanation-3: -Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship.
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