ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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goods
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services
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factors of production
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wants
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Detailed explanation-1: -Factors of production are the inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital.
Detailed explanation-2: -Inputs are any resources used to create goods and services. Examples of inputs include labor (workers’ time), fuel, materials, buildings, and equipment.
Detailed explanation-3: -Land, labor, capital and entrepreneurship are the four categories of factors of production.
Detailed explanation-4: -The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.