GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The economic resources a nation uses to make goods and supply services for its population.
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Product
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Market
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Scarcity
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Factors of Production
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Explanation:
Detailed explanation-1: -The four main factors of economic growth 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: -There are four factors of production-land, labor, capital, and entrepreneurship.
Detailed explanation-4: -Economic resources are also called factors of production or inputs in the productive process. As these names imply, economic resources are required to produce the outputs desired by society.
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