Answered

In the circular flow model, factors of production flow to firms. Which of the following are the primary factors of production? Check all that apply.

labor

capital

goods

land

services

Verified Answer :

The answers are:
- Labor, which includes all human resources that are necessary in order to sustain company;s operation
- Capital. All the assets that could be used by company to accelerate company's operation
- Land, an area that could either be used as the place of operation or to let it go up in value as an investment.

akposevictor

The primary factors of production that flows to firms in a circular flow model are: land, labor, and capital.

What are the Primary Factors of Production?

Primary factors of production includes:

  • Land: which could be an aera of land where the plant is located or water resources for farming.
  • Labour: this is the manpower resources.
  • Capital: This includes all assets of a business that can facilitates the production process.

The primary factors of production are, land, labor, and capital.

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