ECONOMICS
PRODUCTIVITY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Product
|
|
|
Production
|
|
|
Productivity
|
|
|
Economic growth
|
Detailed explanation-1: -Production. The process of converting resources (factors of production)-land, labor, capital, and entrepreneurial ability-into goods and services.
Detailed explanation-2: -Factors of production are the building blocks for goods and services in an economy. The four factors of production are land, labor, capital, and entrepreneurship.
Detailed explanation-3: -Factors of production are inputs used to produce an output, or goods and services. They are resources a company requires to attempt to generate a profit by producing goods and services. Factors of production are divided into four categories: land, labor, capital and entrepreneurship.
Detailed explanation-4: -Physical Capital. Land. Human Capital. Labour.