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What are factors of production?

A. all the human efforts involved in the production process
B. all the resources used to produce any goods and services
C. all the physical tools and equipment used in the production process
D. all the naturally occurring resources found in land, air, and water



Answer :

GinnyAnswer

Final answer:

Factors of production are essential resources for producing goods and services in an economy, including labor, capital, and natural resources.


Explanation:

Factors of production are the resources essential for producing goods and services in an economy. These include labor (human effort), capital (tools, machinery), and natural resources. Efficient utilization of these factors, along with entrepreneurship and technology, plays a crucial role in economic development.


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