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To name only three: -
Firstly, you need to research need, what you are trying to achieve and verify resources are suitable, available and sustainable. This includes the raw materials, the collateral to purchase these materials and a place to utilise or store these materials.
Secondly, you need to be able to convert these raw materials into a viable product that can be utilised by a consumer. Much the same way as plants convert sunshine and nutrients.
Thirdly, Demand, Cost and Efficiency. You need to know the markets current and future needs, and how to supply suitable quantities with the least expenditure over the total production and distribution cycle.
This a somewhat simplistic overview of the more complex factors of production.
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What are three factors of production?
Factors of production are the resources used in producing goods and services. The three factors of production are land, capital and labor.
Define factors of production?
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Who takes the three production factors and puts them together?
entrepreneur
What are factors of production name any four factors of production.?
Factors of production
WHAT ARE three major flow in the economy?
production, income and spending.
What are three factors of production?
Factors of production are the resources used in producing goods and services. The three factors of production are land, capital and labor.
List britain’s 3 factors of production?
Natural Resources Another major reason why the Industrial Revolution began in Great Britain was that it had an abundant supply of what economists call the three factors of production. These factors of production are land, labor, and capital.
Define factors of production?
Factors of production are the inputs for the production process. Three basic factors of production are land, labor, capital and entrepreneurship.
Which are the three basic factors of production?
Land, Labor, and Capital.
Who takes the three production factors and puts them together?
entrepreneur
What is the importance of factors of production?
three basic thing of production are money plan and hard work
What were the three factors of production required to drive the Industrial Revolution?
What were three factors of production required to drive the industrial revolution? that is not an answer the answer is: Land, labor, and capital _______________ that is correct, thanks
Factors of production in Germany?
Germany uses three factors of production. The country uses people, capital, and land in order to produce needed products.
What are factors of production name any four factors of production.?
Factors of production
What were factors of production required to drive the industrial revolution?
What were three factors of production required to drive the industrial revolution? that is not an answer the answer is: Land, labor, and capital _______________ that is correct, thanks
WHAT ARE three major flow in the economy?
production, income and spending.
What are three factors of production and the two types of payments that appear in the free market circular flow model?
The three factors of production are capital, labor, and land. Two types of payments are from firms and households. These payments go to the goods and services markets.
