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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?
Factors of production are the inputs for the production process. Three basic factors of production are land, labor, capital and entrepreneurship.
What are the three factors of production in any economy?
The three factors of production required for industrialization were land, labor and capital. Land meaning that the place that is being industrialized has a sufficient amount of natural resources. A country needed a growing population in order to have people to work in the industry, which is what the labor stands for. Capital indicates the country must be financially stable, and the people must have money to spend on the products being made. Human capital is subcategory inside capital. People must have the skills and abilities to carry out the job.
Who takes the three production factors and puts them together?
entrepreneur
Which are the three basic factors of production?
Land, Labor, and Capital.
What is the importance of factors of production?
three basic thing of production are money plan and hard work
What three factors enabled the United States to become the worlds leading industrial power by the 1920's?
industrialization and technology
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 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 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.
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.
