What are the 6 factors of production?
Terms in this set (6)natural resources.
everything that is made of natural materials.raw materials.
any good used in manufactoring other goods.labour.
all physical and mental work needed to produce goods or services.capital.
What are the five factors of production quizlet?
The factors of production are: land, labor, capital, entrepreneurship, and knowledge.
What are the 7 factors of production?
The factors of production include land, labor, capital and entrepreneurship. The state of technological progress can influence the total factors of production and account for any efficiencies not related to the four typical factors.
What is the most important factor of production?
Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.
What are the 5 factors of production in economics?
The factors of production are land, labor, capital, and entrepreneurship.
What are factors of production?
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. This includes not just land, but anything that comes from the land.