Answer:
We would need background context,
Explanation:
Then I would be happy to help!
Answer:
- <em><u> Land, labor, and capital </u></em>
Explanation:
The <em>factors of production </em>are the resources that are used to produce goods and services.
By definition resources are scarce.
<em>Land</em> includes everything that comes from the land, that can be used as raw material to produce other materials; for instance, water, minerals, wood.
<em>Labor</em> is the work done by anybody, not just at a factory but at any enterpise that produce a good or a service. For instance, the work done by a person in a bank or a restaurant.
<em>Capital</em> is the facilites (buildings), machinery, equipments, tools that the persons use to produce goods or services. For instance, a computer, a chemical reactor, or a pencil.
Nowadays, also entrepreneurship is included as a <em>factor of production</em>, since it is the innovative skill of the entrepeneurs to combine land, labor and capital what permit the production of good and services.
