What are factors of production?
A. all the human efforts involved in the production process
B. all the resources used to produce any goods and services
C. all the physical tools and equipment used in the production process
D. all the naturally occurring resources found in land, air, and water
Answer (1)
Factors of production include land, labor, capital, and entrepreneurship, all of which are essential in creating goods and services. The best answer to the question is that they are all the resources used in production. Understanding these factors is key to grasping economic principles. ;
