Goods and services are produced by using four factors of production:

Question

Quizplus · Accepted Answer

The correct factors of production are land, labour, capital and entrepreneurship. These are the resources that are combined to produce goods and services. Land refers to natural resources, such as oil, minerals and forests. Labour is the work that people do, using their skills and knowledge. Capital refers to the equipment and machinery used in production, as well as financial capital, such as money invested in a business. Finally, entrepreneurship is the ability to take risks and create new businesses or products.

Goods and Services Are Produced by Using Four Factors of Production