Question

1. list and define the factors of production

Answer 1

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

Answer 2

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.