Question

Which of the three factors of production do you think is most important to economic success? Why?

Answer 1

if you mean capital, labour, land

then I would choose labour, as you can't have a company with no people, and new ideas to improve economic activity require human thought

Answer 2

Factors of production are the inputs wont to produce an honest or service so as to supply income.

Following are the three factors of production is most important to economic status are:-

• Land
• Labor
• Capital

Land- An element of production includes the natural resources to create an honest or service. These can be renewable resources like forests or non-renewable resources like oils, gold or water.

Labor- the most focused factor. labor is the work done by the people in workforce.its value is dependent on the human capital, or the skills, knowledge, training and experiences of these workers.

Capital- Refers to capital goods, or man made resources such as tools and infrastructure , used in the production of goods or service.

Therefore,these three are the factors most important to economic success.

To know more about the factors to economic status follow the link:

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