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Marina CMI [18]
2 years ago
12

Identify an example of each of the four factors of production that are required to produce a pencil

Social Studies
1 answer:
netineya [11]2 years ago
6 0

Answer:

Factors of production example for manufacturing pencil

Explanation:

Four factors of production are :

Land, Labour, Capital, Entrepreneur

Examples in case of manufacturing a pencil :

Land : Factory land required, Capital : Funds required for fixed factor (eg machine) & variable factor (eg  raw material - wood), Labour : People required to work on machines with raw material (wood), Entrepreneur : The person supplying managerial skills for pencil' enterprise operation.

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