Question

You are employed as a consultant by the prime minister of a developing nation to research ways of creating wealth in the nation. What two factors of production do you suggest to him will play the most crucial role in this mission?

Answer 1

Entrepreneurship and knowledge are the correct answers.

'Factors of production' is a term in Economics that is used to describe the inputs used when producing services or goods. As a consultant, entrepreneurship and knowledge are two of the most important factors of production that will play a crucial role in the mission of reaching economic growth. Without the due knowledge and entrepreneurship skills it becomes impossible for consultants to succeed in this mission.