What are the factors of production in economics?
Understand the Problem
The question is asking about the factors of production in economics, which involves understanding the essential inputs needed for production to occur in a functional economy. This includes categories such as natural resources, labor, capital, and entrepreneurship.
Answer
Land, labor, capital, entrepreneurship.
The four factors of production are land, labor, capital, and entrepreneurship.
Answer for screen readers
The four factors of production are land, labor, capital, and entrepreneurship.
More Information
These four factors serve as the foundational inputs for creating goods and services in an economy, each playing a unique role in the production process.
Sources
- The web page with info on - Example Source - wichita.edu
- 4 Factors of Production Explained With Examples - Investopedia - investopedia.com
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