The factor of production which takes the initiative in combining resources for production is known as

Assessment: WAEC SSCE - Economics - 2012 (Objective) Subject: Economics

Question 1 Report

The factor of production which takes the initiative in combining resources for production is known as

Answer Details
The factor of production which takes the initiative in combining resources for production is the entrepreneur. An entrepreneur is a person who identifies a need in the market and uses their creativity, innovation, and risk-taking abilities to combine other factors of production such as land, labor, and capital in a productive manner to produce goods or services. They take the responsibility of organizing, managing, and coordinating the other factors of production to achieve their business goals.
Read lesson note on Factors Of Production And Their Theories (JAMB)
Read lesson note on Factors Of Production (WAEC)
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