The factors of production are land, labor, capital, and entrepreneurship. Search for an answer or ask Weegy. Education The same cycle applies to goods. All gifts of nature such as rivers, oceans, land, climate, mountains, mines, forests etc. Examples of natural resources are land, trees, wind, water, and minerals. The modern economists classified factors of … Labor - Workers that are employed. Resources. Everything contained in the earth or found in the sea ex: coal and crude oil. Resources, which we shall call factors of production, are combined in various ways, by firms or enterprises, to produce an annual flow of goods and services. It is for this reason that most economists believe enterprise to be the most important factor of produc:on. The factors of production include land, labor, entrepreneurship, and capital. Land - referring to the natural resources we can obtain from them as well as building premises. The three categories — land, labor, and capital goods — consist of a wide range of natural and man-made items. The land is taken to refer to all the natural resources over which people have the power of disposal and which may be used in creating goods and also to yield an income. Labor. Question. Factors of production are the resources used in producing goods and services. labor. Land. Infrastructure. New answers. The three factors of production in any economy capital, labor, and land. Some peoples' contributions are mostly mental. Natural resourceshave two fundamental characteristics: (1) They are found in nature, and (2) they can be used for the production of goods and services. Factors of production is a term often used by economists. They also tend to be limited. Factors of production are another term for economic resources. It refers to categories that can be used to classify items that are needed if goods and services are to be provided. But if we are to categorize, then 4 factors come up. The classical economists classified factors of production into four kinds namely land, labor, capital and organization. Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. 30 seconds . Those are - Land, Labour, Capital and Organization factor. Factors of production refer to the different elements that are used in producing goods and services. There are markets for these factors of produc:on where they can be bought (demanded) and sold (supplied). The four main factors of production are: Land - this is raw materials available from mining, fishing, agriculture Capital - This … a. land, labor, and natural resources b. natural resources, capital, and land c. construction materials, land, and money d. capital, labor, and land 1. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else. This can be seen when comparing a construction worker and an analyst. Asked 2/14/2017 1:38:25 AM. What are some samples of opening remarks for a Christmas party? Phase 1: Production The production process begins with a product development team designing the iPhone. The production can be increased only by increasing the quantity of the variable factors or by having additional shifts or by increasing the hours of work. People remove metal and rubber from the environment to make machines, which are in turn is used to make retail products. Rating. Amazon Doesn't Want You to Know About This Plugin. The classical factors include land, labor and capital. Search for an answer or ask Weegy. The three categories — land, labor, and capital goods — consist of a wide range of natural and man-made items.. The goods used in the production process such as factories, machinery and equipment These are land, capital, labour and enterprise. High productivity can be achieved by either reducing the raw materials, labor, and time put into the production process or producing more with the same amount of production factors or resources. Trees and sunlight, for example are resources that will naturally be replaced. There are three basic resources or factors of production: land, labour and capital. Without land, there would be no raw products provided from which finished products could be made. Copyright © 2020 Multiply Media, LLC. The three factors of production are land, capital and There are a plenty of factors regarding the production in Agriculture field. All Rights Reserved. Anything that helps in production is the factor of production. Economists have expressed different views regarding the number of factors of production. While land, labor, and capital are the most commonly recognized factors of production, various economists have identified potential fourth factors (or even fifth factors). 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