Answer to Question #323399 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

If businesses can improve the efficiency of the factors of production, it stands to reason that they can increase production and create higher quality goods at lower prices. my company manufactures cellphones then distributes them across the globe. Technology and knowledge are important to us but entrepreneurship is equally needed to boost this business. Labor and natural resources are required in the production of these gadgets. so to conclude that all factors of production are very essential in producing goods and services.