ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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natural resources
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human resources
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capital resources
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entrepreneurship
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Detailed explanation-1: -Economists define four factors of production: land, labor, capital and entrepreneurship.
Detailed explanation-2: -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.
Detailed explanation-3: -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.
Detailed explanation-4: -The four Factors of Production are Land, Labor, Capital, and Entrepreneurship, and these are the things that create all of the goods and services that make up an economy. The Factors are unique in themselves, but often also work together in the production of what gets dispensed into society.