Describe the Economic Factors of Production
What are the 5 factors of production. Capital This is a manufactured item used to aid production for example machines factories and computers. Factors Of Production Definition Economics Examples 4 Factors Land labour capital entrepreneurship and knowledge. . Labors contribution to an. These are the various factors by mean any resource is transformed into a more useful commodity or service. Anything that helps in production is the factor of production. The Federal Reserve Bank of St Louis defines the factors of production as. Mainly the factors of production consist of any resource that is used in the creation of a good or service. The factors of production are the resources that include land labor capital and enterprise. Economic systems rely on certain inputs to operate effectively. Types of Factors of. They are the inputs needed for supply. They are the inputs needed for supply. As a res...