The four factors of production that produce goods and services are

Question

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The four factors of production are labor, capital, land, and entrepreneurship. Labor refers to the physical and mental effort required to produce goods and services, capital refers to the tools, machines, and buildings used in production, land refers to natural resources such as oil, forests, and minerals, and entrepreneurship refers to the ability to take risks and innovate to create new goods and services. The other choices include incorrect factors or include redundant factors such as profits and wages, which are derived from the other factors of production.

The Four Factors of Production That Produce Goods and Services