Answer to Question #323398 in Macroeconomics for Pascaline

Question

Consider all the factors of production: labor, natural resources, capital, entrepreneurs, technology, and knowledge. Is each resource a vital part of the school you attend or the company for which you work? Which factors do you believe are most important to the goods and services provided by the organization?

Answer 1

factors of production are inputs needed in creation of goods and services. labor, natural resources, capital, entrepreneurs, technology, and knowledge are all vital in the production process. Companies thrive when they hire skilled labor. without them the company will collapse.

n a strong economy with expansion at the fore, companies do invest in capital goods and this, in turn, drives the economic growth. it is entrepreneurs who bring all the factors of production together to produce goods and services. with the help of advanced technology ,it is making it easier for companies to excel by producing more within a short period at a lower cost..

Hence each factor of production matters when it comes to producing goods and services.