Take this challenge on Economics Quiz on Production of Goods and Services : 10 MCQs and check how much you can score. The aim of production is to produce goods and services that fulfill some of people’s requirements or to give people what they want. There are four requirements for the production of goods and services which are known as factors of production. Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship. These production factors are also known as management, machines, materials and labor, and knowledge has recently been talked about as a potential new factor of production.
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