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Questions and Answers
Explain the concept of factors of production.
Explain the concept of factors of production.
Factors of production refer to the resources used in the production of goods and services, including land, labor, capital, and entrepreneurship.
What are the primary factors of production?
What are the primary factors of production?
The primary factors of production are land, labor, and capital.
Why are factors of production important in economics?
Why are factors of production important in economics?
Factors of production are important in economics because they are the inputs used to create goods and services, and they influence the efficiency and productivity of an economy.
