Why are the factors of production necessary for the production of goods and services?

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eduandres10 eduandres10

03-09-2018
Business

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Why are the factors of production necessary for the production of goods and services?

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sabinekabuika20 sabinekabuika20 · Answer 1 · 2018-09-03T22:09:26+02:00

sabinekabuika20 sabinekabuika20

03-09-2018

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

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