- Definition of Factors of Production: In economics, the factors of production are the resources needed for making goods and services, including land, labor, capital, and entrepreneurship.
- Examples of Factors of Production: Land, labor, capital, and entrepreneurship are essential for creating goods and services. Examples include farming, workforce, machinery, and business ideas.
- Sectors of Industry: The different categories of businesses based on their activity, including primary (e.g., farming), secondary (e.g., manufacturing), and tertiary (e.g., services) sectors.
- Sectors of Economy: Refers to the segments of economic activity within a country, including private (profit-oriented), public (government-owned), and third (charities and voluntary organizations) sectors.
- Competitive Factors in Business: Elements that influence a company's ability to compete effectively, including stakeholder influence, external factors, customer satisfaction, growth, and survival.
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