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"Remember, in the real world you don't get paid for ______, but rather when you create _______ for _________."

User Eper
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1 Answer

3 votes

Answer:

Effort; value; others.

Step-by-step explanation:

Factors of production can be defined as the fundamental building blocks used by individuals or business firms for the manufacturing of finished goods and services in order to meet the unending needs and requirements of their customers.

The four factors of production are;

I. Land: this refers to the natural resources and raw materials extracted from the ground or grown in the soil e.g oil, gold, rubber, cocoa, etc.

II. Labor (working): this is the human capital or workers who are saddled with the responsibility of overseeing and managing all the aspects of production.

III. Capital resources: it includes the physical assets used for production of goods and services such as equipment, money, plant, etc.

IV. Entrepreneurship: it is intellectual capacity required to drive a business and the skills to develop an idea into a money making venture (business).

Generally, these four (4) factors are combined effectively to produce finished goods and services in order to meet the unending requirements or needs of the consumers.

However, these consumers would only purchase or take services that add or brings value to them while paying less attention to the effort put in by the producers.

Hence, in the real world you (producers or suppliers) don't get paid for your efforts, but rather when you create value for others; you get paid through the purchase made by the consumers of the finished goods and services.

User Nick Butler
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