Resources Used To Produce Goods And Services Are Called Factors of Production. Identify And Explain Any Five Factors of Production.
Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Factors of Production
Factors of production are those resources that help in the production of goods and services in an economy. These resources work together to lead to production.