Question

What are the factors of production and explain the allocation of resources

Answer 1

Factors of Production Definition

The factors of production are land, labor, capital, and entrepreneurship. ... Since these factors are limited by nature, and human wants are unlimited, we, as a country, face a shared decision over the efficient allocation of these scarce resources or factors of production

Answer 2

The factors of production are land, labor, capital, and entrepreneurship. To put it in different terms, the factors of production are the inputs needed for supply. Hope this helps!