What are the three most important factors of production?

Question

Quizplus · Accepted Answer

The three most important factors of production are land, labour and capital. Land refers to natural resources such as forests, minerals, and water. Labour includes the physical and mental effort put in by individuals to produce goods and services. Capital refers to the tools, machinery, and other equipment used in production. Profit, wages and interest are outcomes of production and not necessarily factors of production.

What Are the Three Most Important Factors of Production