The resources put together to create goods and services are

Assessment: WAEC SSCE - Commerce - 2022 (Objective) Subject: Commerce

Question 1 Report

The resources put together to create goods and services are
Answer Details
The resources put together to create goods and services are referred to as factors of production. These are the inputs used in the production process to produce goods and services. The four main factors of production include land, labor, capital, and entrepreneurship. Land refers to natural resources such as forests, water bodies, and minerals used in the production process. Labor refers to the human resources used in the production process. Capital refers to the financial resources used in the production process, such as machinery, tools, and equipment. Entrepreneurship refers to the skills and knowledge required to start and run a successful business. All of these factors of production work together to produce goods and services that meet the needs of consumers.

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