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LoginWhat are the factor of production?
Economy Secondary School in Economy 10 months ago
Answer:
Factors of Production
In economics, factors of production, resources, or inputs are what is used in the production PROCESS to produce output—that is, finished goods and SERVICES. The utilized amounts of the various inputs determine the quantity of output ACCORDING to the relationship called the production function. There are four basic resources or factors of production: land, labour, enterprise and capital. The factors are also frequently labeled "producer goods or services" to distinguish them from the goods or services purchased by consumers, which are frequently labeled "CONSUMER goods".
Explanation:
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Posted on 18 Nov 2024, this text provides information on Economy related to Secondary School in Economy. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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