How does the economy use its factors of production (land, labor, capital, and entrepreneurship) to facilitate economic growth?

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anonymous · Answer

@myininaya

joel_the_boss · Answer

In economics, factors of production, resources, or inputs are what is used in the production process in order to produce output—that is, finished goods. The amounts of the various inputs used determine the quantity of output according to a relationship called the production function. There are three basic resources or factors of production: land, labour, and capital. Some modern economists also consider entrepreneurship or time a factor of production. These factors are also frequently labeled "producer goods" in order to distinguish them from the goods or services purchased by consumers, which are frequently labeled "consumer goods." All three of these are required in combination at a time to produce a commodity. Hope that helped. :) Source: http://en.wikipedia.org/wiki/Factors_of_production