Asked by Savanna Griffin on Jun 30, 2024
Verified
Labor and capital are the only two factors of production.
Factors Of Production
The economic resources used in the production of goods and services, including land, labor, capital, and entrepreneurship.
Labor
Labor represents the human effort, both physical and mental, used in the production of goods and services.
Capital
Financial assets or the financial value of assets, such as cash and goods, working to produce further wealth or used in the production of goods and services.
- Pinpoint primary aspects of production and their duties.
Verified Answer
JJ
Jayqwez JohnsonJul 07, 2024
Final Answer :
False
Explanation :
The two main factors of production are labor and capital, but there are also other important factors such as natural resources, entrepreneurship, and technology.
Learning Objectives
- Pinpoint primary aspects of production and their duties.