ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
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Economy
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Infrastructure
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Factors of production
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Specialization
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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: -Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
Detailed explanation-3: -The four factors of production are land, labor, capital and entrepreneurship. Download the image. In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy.
Detailed explanation-4: -Land as a Factor of Production Land is a broad term that includes all the natural resources that can be found on land, such as oil, gold, wood, water, and vegetation. Natural resources can be divided into renewable and non-renewable resources.
Detailed explanation-5: -Land as a factor of production. As a factor of production, land can take on various forms-from raw property to commercial real estate. Labor as a factor of production. Capital as a factor of production. Entrepreneurship as a factor of production. 15-Feb-2021