Which oft these factors of production is relatively fixed in supply?

Assessment: JAMB UTME - Commerce - 2003 Subject: Commerce

Question 1 Report

Which oft these factors of production is relatively fixed in supply?
Answer Details
Natural resources are relatively fixed in supply, as they are limited and cannot be easily replenished. For example, land and minerals are finite resources that cannot be created or expanded. In contrast, factors such as capital, labor, and entrepreneurship can be increased or decreased based on demand and availability. Therefore, natural resources are the factor of production that is relatively fixed in supply.
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