What are the factors of production and their definitions?
Understand the Problem
The question relates to the factors of production in economics, outlining their definitions and examples. It is likely focusing on understanding these concepts.
Answer
Land, Labor, Capital, Enterprise.
The image describes four factors of production: land, labor, capital, and enterprise.
- Land: Natural resources (vegetables, oil, water).
- Labour: Human resources (engineers, chefs).
- Capital: Man-made resources (factories, tools).
- Enterprise: Business know-how; involves entrepreneurs.
Answer for screen readers
The image describes four factors of production: land, labor, capital, and enterprise.
- Land: Natural resources (vegetables, oil, water).
- Labour: Human resources (engineers, chefs).
- Capital: Man-made resources (factories, tools).
- Enterprise: Business know-how; involves entrepreneurs.
More Information
Factors of production are fundamental concepts in economics, representing the resources used to produce goods and services.
Sources
- Factors of Production - Investopedia - investopedia.com
- Factors of Production - Federal Reserve Bank of St. Louis - stlouisfed.org
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