HISTORY
THE INDUSTRIAL REVOLUTION
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Money and financing
|
|
|
Raw materials used to produce product
|
|
|
Labor and materials
|
|
|
Resources used by a company to produce good and services
|
Detailed explanation-1: -The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-2: -The production process is defined as the process in which the factors of production, i.e. inputs of resources, are turned into products or services. Factors of production means capital, labour, technology, land, and other resources that are used to create output, or goods and services.
Detailed explanation-3: -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.