Name the 3 Factors of Production, and then describe each one.
Understand the Problem
The question is asking for identification and explanations of the three factors of production, which are essential for understanding economic processes.
Answer
Land, labor, and capital.
The three factors of production are land, labor, and capital. Land refers to natural resources, labor refers to human effort and skill, and capital includes tools, machinery, and infrastructure used to produce goods and services.
Answer for screen readers
The three factors of production are land, labor, and capital. Land refers to natural resources, labor refers to human effort and skill, and capital includes tools, machinery, and infrastructure used to produce goods and services.
More Information
These factors combine to produce all goods and services in an economy. Land encompasses all natural resources, labor is human work effort, and capital is the man-made equipment and facilities.
Tips
A common mistake is confusing capital with financial resources. It's specifically about tools and equipment in production.
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