Question

Tilly, geologist, has discovered a new mineral which she named brellio. she believes that it can be used to generate clean energy. the mineral is much like uranium and can be used to create energy without the harmful radiation side-effects. what factors of production will she use to mine the mineral and establish her energy business? ​

Answer 1

Factors of production are inputs that are used to create or produce goods and services for the purposes of making profit. They include, land, labor, capital and entrepreneurship. Land represents all the natural resources that are used in production, Labor includes all the work that laborers and workers perform at all levels of an organisation. Capital includes all the tools and the machinery used in the production of goods while entrepreneur is the individual who takes ideas and attempts to make economic profit. In this case the factors of production Tilly will use are, Land and natural resources, labor, capital and entrepreneurship.