What are factors of production quizlet?
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Statistics for Business and Economics12th EditionDavid R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams 1,962 solutions What are factors of production?Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
What are the 5 factors of production?What are Factors of Production?. Land as a Factor of Production. ... . Labor as a Factor of Production. ... . Capital as a Factor of Production. ... . Entrepreneurship as a Factor of Production. ... . More Resources.. What are the 4 factors of production and give an example of each?The Four Factors of Production. What are the 3 production factors?The productive factors are commonly classified into three groups: land, labour, and capital. The first represents resources whose supply is low in relation to demand and cannot be increased as the result of production. The income derived from the ownership of this factor is known as economic rent.
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