GK
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land, Labor, and Capital are examples of
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site factors
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situation factors
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raw materials
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primary economic activities
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Explanation:
Detailed explanation-1: -Factors of production are the inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital.
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: -Economic activities are carried out by human beings to earn their income and to acquire wealth. For example, a trader, an agriculturist, a manufacturer, a doctor, a teacher, and laborers working in a factory are all examples of economic activities.
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