Anonymous
Mar 14
List the five production factors that is needed for any business organisation?
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ChatGPT
Mar 14
1. Land - refers to all natural resources such as water, minerals, and agricultural land that are used in the production process.
2. Labor - includes all the physical and mental effort put forth by individuals in the production process.
3. Capital - refers to all the man-made resources such as machinery, tools, buildings, and technology used in the production process.
4. Entrepreneurship - involves the ability to take risks, innovate, and organize the other factors of production to create goods and services.
5. Knowledge - includes the skills, expertise, and information necessary to effectively utilize the other factors of production and improve the production process.
2. Labor - includes all the physical and mental effort put forth by individuals in the production process.
3. Capital - refers to all the man-made resources such as machinery, tools, buildings, and technology used in the production process.
4. Entrepreneurship - involves the ability to take risks, innovate, and organize the other factors of production to create goods and services.
5. Knowledge - includes the skills, expertise, and information necessary to effectively utilize the other factors of production and improve the production process.
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