People often produce goods. The characteristics that economists use to categorize goods into groups is the factors of production such as land, labor, capital, and entrepreneurship.
- In economics, the factors of production are known to be the resources or traits that people use to produce goods and services.
They are regarded as he building blocks of the economy. Economists states that there are four the factors of production into four such as; land, labor, capital, and entrepreneurship.
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