Question

Resources needed to provide goods or services are called factors of production. facets of production. functions of production. facts of production.

Answer 1

Answer

Factors of production

Explanation

Factors of production are the resources that people use for the purposes of of providing goods and services. In every economy these factors acts the building blocks.These factors include land which comprises all the natural resources, then labor which includes human resources and manpower and capital which includes man-made resources and also enterprise which brings together all the resources together for production processes.  This is because every economy needs or requires goods and services so as to maintain its growth.

Answer 2

Factors of Production.

Further Explanation:  

There are four factors of production land, labour, enterprise and capital. It is further classified as primary and secondary factors. The primary factors are there labour, land, enterprise and capital. The secondary factors of energy and materials because they help in obtaining the primary factors. The role of primary factors is in facilitating the production but it does not take part of the production.

In economics, there are different factors of production that leads to producing output. The inputs, resources and factors of production are used in the production process to produce output. The output is the finished goods and services.

Capital stock includes machinery and tools. There are other factors also like human capital that include skills and education. Intellectual capital and social capital contributes towards service to the society while producing goods and services. Some companies also do Social Services.

The land is a natural resource used in the production process. The labour force is often called human capital. Technology and innovation also contribute to the production process. The natural resource for the land includes water, soil, air. The payment to the landowners is either rent or loyalties. Labour includes marketing and technical expertise. The payment is done through wages. Labour contributes in physical as well as mental way.

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Answer Details:

Grade: High School

Subject: Social Science

Chapter: Factors of Production

Keywords: Land, labour, enterprise, capital, human capital, technology, innovation, marketing, technical expertise, intellectual capital, social capital.