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22 April, 02:41

In the circular flow model, factors of production flow to firms. Which of the following are the primary factors of production? Check all that apply. A. laborB. capitalC. goodsD. landE. services

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Answers (2)
  1. 22 April, 02:58
    0
    A) labor

    B) capital

    D) land

    Explanation:

    The three primary factors of production are land, labor and capital. They are called primary factors because secondary factors like materials and energy are obtained from processing or using them.

    Land includes all natural resources, e. g. iron ore.

    Labor includes all human resources, e. g. employees' work.

    Capital includes all man made resources, e. g. tools.
  2. 22 April, 03:07
    0
    Answer: Land, Labor and Capital

    Explanation: What are factors of production? factors of production are resources a firm uses to produce goods and services. There are Four Major Factors of Production and they are:

    1. Land

    2. labor

    3. Capital

    4. Entrepreneur

    Each of the above stated factors have a place in the production of goods and services that are the building blocks of any economy.

    They are also divided into Primary and secondary factors:

    Primary factors are: Land, Labour and Capital while the secondary factors are materials and energy.
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Home » Business » In the circular flow model, factors of production flow to firms. Which of the following are the primary factors of production? Check all that apply. A. laborB. capitalC. goodsD. landE. services
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