Factors of production in economics
[DOC File]Factors of Production
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Factors of Production. 1. Factors of Production. refer to resources that are used to make good and services (land, labor, capital). Land – all natural resources that are used to produce goods and services. Labor – effort that a person devotes to a task for which a person is paid. Capital
Production: Meaning, Definition, Types and Factors
Factors of Production. Read each item AND decide which of the four factors of production it would be classified as: LD – Land. LR – Labor. C – Capital
[DOC File]Chapter 1 Notes on Economics
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Production refers to the economic process of converting of inputs into output. The inputs or resources used in the production process are called factors of production by economics. Inputs are usually grouped into five categories. a. Raw Materials. b. Machinery. c. …
Factors of Production - Troup County School System
After reviewing the factors of production notes on the back of this paper, complete the following activities. Read each item AND decide which of the four factors of production it would be classified as: LD – Land. LR – Labor. C – Capital. E – Entrepreneur School _____ Money _____
[DOC File]Economics of Agricultural Production Notes
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Resources: The Factors of Production: Inputs – They are LAND(natural resources like water, crude oil, minerals), LABOR (human work), CAPITAL (the tools used by business), and ENTREPRENEURSHIP (risk takers in search of profits). The factors of production are called productive resources cause we use them to produce GOODS & SERVICES!
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