During which phase in the process must a firm allocate its factors of production

1 answer:

6 0

In the Early stages of a business or in other pre-revenue
Factors of production include Land, Labor, Capital and Enterprise.

For a business to materialize it needs a place of operations (land), employees (labor), some investment (capital) and the entrepreneurial Sprite of someone who can combine all 3 to build a profitable business (Enterprise)

Proper allocation of all these factors in the very early stages of the business is they key to success and no business can be developed unless all four factors of production are employed.

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