ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The means through which good and services are produced are called:
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economic needs
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economic wants
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economic benefits
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economic resources
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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: -Economic resources are also called factors of production Thus, in other words, the factors of production are the inputs that are utilized during the production process. As economic resources are used as inputs in the production of goods and services, they are also called factors of production.
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