Resources needed to provide goods or services are called factors of production. facets of production. functions of production. facts of production.

Factors of production are the resources that people use for the purposes of of providing goods and services. In every economy these factors acts the building blocks.These factors include land which comprises all the natural resources, then labor which includes human resources and manpower and capital which includes man-made resources and also enterprise which brings together all the resources together for production processes. This is because every economy needs or requires goods and services so as to maintain its growth.

ayokenny2001 ayokenny2001 · Answer 2 · 2022-02-02T13:21:22+01:00

Resources needed to provide goods or services are called factors of production

What are factors of production?

Factors of production are the resources that people use for the purposes of of providing goods and services.

It describes the inputs used in the production of goods or services to make an economic profit. In every economy, factors of production act as the bedrock.

Factors of production include:

Land
Labor
Enterprise
Capital

Hence, factors of production are resources needed to provide goods or services.

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