Factors of Production Answers
Definition: Factors of Production are the resources needed to produce goods or services (land, labor, capital).
Example: Land is a natural factor of production.
1. Responses may include: graphite/ lead and wood.
2. True. You need buildings to run a business.
3. A human resource can be both physical and intellectual.
Definition: Factors of Production are the resources needed to produce goods or services (land, labor, capital).
Example: Land is a natural factor of production.
1. Responses may include: graphite/ lead and wood.
2. True. You need buildings to run a business.
3. A human resource can be both physical and intellectual.