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

Question

Quizplus · Accepted Answer

The four factors of production are land, labor, capital, and entrepreneurship. Natural resources, human resources, financial assets, and entrepreneurial resources are all subsets of these factors. Money and equipment are forms of capital. Labor, human capital, physical capital, and financial capital are all subsets of the broader categories of labor and capital.

Goods and Services Are Produced by Using Four Factors of Production