ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Money and financing
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Raw materials used to produce products
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Labor and materials
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Resources used by a company to produce good and services
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Detailed explanation-1: -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-2: -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-3: -Land is generally considered one of the most important factors of production. Certain industries rely on land more than others.
Detailed explanation-4: -A factor of production is indispensable for production because without it no production is possible. It is customary to attribute the process of production to three factors, land, labour and capital, to which we add organisation.
Detailed explanation-5: -Key Takeaways 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.