ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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things or skills needed to produce goods or services
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how we spend our money
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the resources of the government
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how society creates jobs
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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: -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.
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.
Detailed explanation-4: -Updated: February 20, 2023. The factors of production are required to produce goods or services. They are also known as the inputs in a production process. They primarily include forms of labor, financial capital, entrepreneurism, and any natural resource.
Detailed explanation-5: -Physical Capital. Land. Human Capital. Labour.