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20 October, 07:47

1. list and define the factors of production

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  1. 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
  2. 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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