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2 years ago

1. list and define the factors of production

Social Studies

2 answers:

Ket [755]2 years ago

8 0

Answer:

Primary Production: is a type of production that produces the raw materials

Manufacturing Industry: is a type of production that concerns itself with producing goods and providing services

Extractive Industry: this industry uses the goods and raw materials produced by the primary industry and the manufacturing industry to make life easier and faster

UNO [17]2 years ago

3 0

Answer:

The factors of production are Earth, Work and Capital

Explanation:

In economics, production factors are the set of elements indispensable to a production process, whether it be a good or a service. The main ones are:

Earth: The earth element includes not only the areas of cultivation or construction, but all the natural resources that are above and below it.

Work: It includes both the hours of work employed in production as well as the knowledge, technique and capabilities of those who participate in the process.

Capital: The capital element is equivalent to capital goods.

The main characteristic of production factors is that they are scarce, i.e., finite.

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