Resources needed to provide goods or services are called factors of production
<h2>Further Explanation:
</h2><h3>Factors of reproduction </h3>
- Factors of reproduction are inputs or resources that are used in the generation of goods and services with an aim of making profit.
- There are four main factors of production which include;
- Land
- Labor
- Capital
- Entrepreneurship
<h3>Land </h3>
- This refers to all the natural resources that are available to be used in the production of goods.
- These natural resources includes raw materials from the ground, non-renewable resources such as petroleum and renewable resources such as timber.
- The income or reward earned from land as a factor of production is rent.
<h3>Labor </h3>
- This refers to the manpower or work done by human beings.
- The value of labor depends on the skills, education and motivation of workers.
- The reward for labor as a factor of production is wages and salaries.
<h3>Capital </h3>
- This refers to the capital goods, that is, man-made objects that are used for production of goods and services such as machinery, equipment and chemicals.
- They also include industries and commercial buildings.
- The reward or income earned from capital goods is interest
<h3>Entrepreneurship </h3>
- It involves coming up with an idea and developing it into profitable business.
- An entrepreneur is therefore an individual who combines the other factors of production to build a business and add the supply in the economy.
- The reward or income earned by entrepreneurs is profit.
Keywords: Factors of production, labor, land, capital
<h3>Learn more about
</h3>
Level: High school
Subject: Business
Topic: Factors of reproduction
Many historians believed thag the harsh terms found against germany in the treaty of versailles helped lead to WWII
It may includes: Evaluation, <span>Research Development, and Testing
Evaluation is carried out to know whether the knowledge would be beneficial to society. Research development is carried out to know the strategic approach needed to exctract that knowledge, and testing is carried out in order to know whether the conclusion could be applicable according to what the researchers have predicted.</span>
Answer:
The categories involved in the reservation of seats in the parliamentary include Schedule Castes and Scheduled Tribes.
The Schedule Castes and Tribes are considered according to the population of the people in these areas. The larger the population the more seats reserved in the parliament for them. This is usually done to ensure adequate representation of the people by the lawmakers in making sure their challenges are brought up for a better standard of living .
