Question
What are the factors of
production?Solution
Factors of production refer to the resources or inputs used in the process of producing goods and services. They include: A. Land: This includes all natural resources used to produce goods and services, such as soil, water, minerals, and forests. B. Labour: It represents the human effort and skill directed towards producing goods and services. C. Capital: This includes physical capital (machinery, tools, buildings) and financial capital (money) used in the production process.
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