Question

Which factors are considered when deciding how to make goods and services? Check all that apply.

Answer 1

Answer: Factors considered when deciding how to make goods and services are land, labor and capital.

Explanation:

In an economy, to make any goods and services in a better way we need three things - land, labor and capital.

Land is required to set up the ground where desired operations can be done which will result in goods. For providing a service also, we need land were one is supposed to set up the unit with all things required to give a service.

Labor is indeed the manpower which performs all activities related with making of goods and services. Lobor should be skilled and well educated in their respective field to perform assigned task upto the mark.

Capital, no doubt most important, is the money. For supporting any job, there is need to money. There should be enough capital to support the financial budget required to get a job done.