The 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. 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. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. hope this helps
www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-2-factors-of-production listen to this for more help
Producers must consider how limited a resource is when it is used to create an item. The more scarce a resource is, the greater value is given to that resource. It is important to determine if it is necessary to use a scarce resource to create a good, because a less scarce resource could be used instead. This would make it easier to produce a good, but it would give the final item a lower value.
It is important because knowing for yourself is much better than leaning on other people, or the internet for support. It would be very hard to have an opinion about something, or even have a conversation without having an understanding of it first.
The case of the extraneous variable is most likely to be determined by the student grade level that is level of the education program that is for the grade level. This refers to all the course level and can be use to trace out the external variable that are not intentionally studied in the test or experiment and tends to affect the other variables.
