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The basic factors of production are land, labour, capital and,
Enterprise
Investment
Machinery
Resources
The basic factors of production are essential inputs required for producing goods and services:
- Land: Represents natural resources available for production.
- Labour: Involves human effort and skills used in the production process.
- Capital: Refers to man-made resources like buildings, tools, and machinery that help in production.
- Enterprise: This is the factor that organizes the other three resources. It involves entrepreneurship, which refers to the ability to combine land, labor, and capital to produce goods and services.
Option 1: Enterprise – The correct answer, as it involves management and decision-making in organizing production.
Option 2: Investment – This is not a basic factor; it's the use of resources to generate future returns.
Option 3: Machinery – Falls under capital.
Option 4: Resources – General term but not specific for the context.
By: santosh ProfileResourcesReport error
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