Monday 9 March 2020

production context

Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.


The first factor is land. Any natural resources that help with the shooting. These resources can be renewable, such as forests, or nonrenewable such as oil or natural gas. The income that resource owners earn in return for land resources is called rent.


The second factor is labour. Labour is everyone involved with the project that provides something to the final piece. From the delivery guy that brings the lunch, to the engineer that designed the the stage.

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