In other words, they are the inputs that we use to produce goods and services so that we can make an economic profit.. We divide the factors of production into the following four categories: Land, Labor, Capital, and Enterprise. The word ‘production ‘ refers to a systematic process of converting the inputs, into finished products, which can be goods or … Meaning and Definition: The term land in economics is used in a special sense. It d oes not mean soil or earth surface alone. Factors of production, term used by economists to denote the economic resources, both human and other, which, if properly utilized, will bring about a flow or output of goods and services. This implies that the factors of production should be used in combination, so that the production target can be achieved. Top synonyms for factors of production (other words for factors of production) are production factors, productive resources and inputs of production. In economics, capital refers to a. the finances necessary for firms to produce their products. Factors Of Production synonyms. Classical view of factors of production encompasses i. The factors of production are the resources used in creating and producing a good or service and are the building blocks of an economy. Capital (K) and ii. productive resources. c. the money households use to purchase firms' … Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Factors of production are those inputs used for producing a good or a service. d. services. An entrepreneur combines the other three factors of production to add to supply. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Factors of Production: Land, Labor, CapitalWhat It MeansIn economics the term factors of production refers to all the resources required to produce goods and services. goods and services. b. buildings and machines used in the production process. The factors of production are the building blocks of any economy. A paper company might need, among many other things, trees, water, a large factory full of heavy machinery, a warehouse, an office building, and delivery … Another term for factors of production is a. inputs. capital goods. Land in economics means natural resources. Definition: In economics, factors of production, as the name signifies are the inputs or say resources acquired by the firm to use them in the production of goods or services, so as to earn a profit. Entrepreneurship as a Factor of Production Entrepreneurship is the drive to develop an idea into a business. opportunity costs. ANS: A REF: 2-1 TOP: Factors of production 69. In the words of Marshall: "T he land … According to the Bank of England, in the short to medium term… b. output. Labour (L) While Neo-Classical view encomp view the full answer. The factor of production termed labor means human resources. The factors of production can be used as complementary as well as substitute of each other. Economics Q&A Library Which of the following statements about factors of production is false The term 'factors of production' is another term for resources. c. goods. L and as a Factor of Production:. The most … This episode of our podcast series, The Economic Lowdown, discusses the factors of production. Another term for “factors of production” is: gifts from nature. Previous question Next question Get more help from Chegg. The factor or production termed land means natural resources.Y The factor of production … It includes all those things which are found under and over the surface of earth. 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