GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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wants, needs, happiness
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resources people use to produce goods and services
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the factors that go into proudction
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the way shops are run in order to be successful
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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: -Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else.
Detailed explanation-3: -These factors of production are land, labor, and capital. These describe the inputs used in the production of goods or services in order to make an economic profit. Land in this sense is not just open land for industry to build on. It also means the natural resources needed for industrialization.
Detailed explanation-4: -The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.