wilsaurid wilsaurid
  • 03-10-2019
  • Business
contestada

What are the factors of production? Give an example of each?

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jheennina jheennina
  • 08-10-2019

1)land /natural resources, example : water, oil, copper, natural gas, coal, and forests

2)labor , examples:involves any human input. workforce’s skills, education, and motivation.

3) capital: examples of capital include hammers, forklifts, conveyor belts, computers, and delivery vans

4) entrepreneurship , example: an example of entrepreneur is one who hires the other three factors, brings them together, organises and coordinates them so as to earn maximum profit

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