What are the factors of production? Mention briefly.

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Deepaksahani62353idn Deepaksahani62353idn

15-07-2024
Social Studies

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What are the factors of production? Mention briefly.

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-07-15T03:20:39-04:00

Final answer:

Factors of production in an economy are essential resources like land, labor, capital, and entrepreneurs that are pivotal for producing goods and services.

Explanation:

Factors of production are resources needed for the production of goods and services in an economy. The main factors are land, labor, capital, and entrepreneurs. These factors play crucial roles in enabling production and impacting the economy's functioning.

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