Land is one of the factors of production. In economics, factors of production are the ingredients that go into making products.
Posts tagged as “labor”
This article is about short-run diminishing returns. It defines the concepts of short-run and long-run in Economics and explain the differences.
This article is about fours different factors of production (land, labor, capital and enterprise) and three basic sectors of production.
This article includes introduction to economic growth. It explains different ways of measuring economic growth and causes of growth.
Businesses need finance to conduct business activity – turn inputs into outputs. Finance is needed to purchase resources.
Businesses require resources for the production of goods and services. The resources used in the production processes are called factors of production.