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Gianni Griffin
Social Studies
20 October, 07:47
1. list and define the factors of production
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German Oconnell
20 October, 07:56
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Primary Production: is a type of production that produces the raw materials
Manufacturing Industry: is a type of production that concerns itself with producing goods and providing services
Extractive Industry: this industry uses the goods and raw materials produced by the primary industry and the manufacturing industry to make life easier and faster
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Pranav Chen
20 October, 08:07
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The factors of production are Earth, Work and Capital
Explanation:
In economics, production factors are the set of elements indispensable to a production process, whether it be a good or a service. The main ones are:
Earth: The earth element includes not only the areas of cultivation or construction, but all the natural resources that are above and below it.
Work: It includes both the hours of work employed in production as well as the knowledge, technique and capabilities of those who participate in the process.
Capital: The capital element is equivalent to capital goods.
The main characteristic of production factors is that they are scarce, i. e., finite.
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