The primary factor of production that refers to natural reso…

JAMB Commerce 2023 180 views
Source: JAMB · 2023

The primary factor of production that refers to natural resources is known as?

  1. Labor
  2. Capital
  3. Land ✓
  4. Entrepreneurship
Explanation

The four factors of production are land, labour, capital and entrepreneurship. Land means all natural resources, not just soil. It covers forests, water, crude oil, minerals and fertile farmland.

Labour is human effort, and capital is man-made resources like machines and money.

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