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1. How are each of the Factors of Production used to help governments answer the Three Basic Economic Questions and have a successful economy?

Land:
Labor:
Capital:
-economics

1 Answer

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Answer:

The answer is below

Step-by-step explanation:

Land: this is used by the government in developing a successful economy, by allocating the land for the economic purpose such as agriculture, industrial establishment, and most importantly, exploitation of its natural resources

Labor: these are the human resources that serve in all categories of the country's economy in using the civil service, armed forces, health, works, business, etc.

Capital: this is the money or finance that is used to combine both the land labor together to form and achieve economic goals. It is used in paying laborers wages and salaries and as well buying of materials.

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