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What role do the factors of production play in an economy

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The concept of Elasticity of demand has significant role to play in economic theory and practice and we shall study the importance of this concept. Role and Significance of Elasticity of Demand. Hence elasticity is a concept which enables all producers to take correct decision regarding the quantum of output based on the demand. Every seller under imperfect competition and monopoly has to consider the elasticity of demand for his product when he fixes the price or contemplates to change the price.
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Why Are the Factors of Production Important to Economic Growth?

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Why Are the Factors of Production Important to Economic Growth?

Hence, they supply different factor services to the economy and on the other hand they create demand for the final goods and services from the market. There are several families in India who are the owners of several small production units. These households act as entrepreneurs or producers of different goods and services. They form the enterprises which are basically semi-corporate in nature.
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Small Businesses Play Key Role in Economic Growth

The four main factors of production are: labor, capital, natural resources, and entrepreneurship. Factors of production are the inputs for the production process. Three basic factors of production are land, labor, capital and entrepreneurship. Factors of production are the resources used in producing goods and services.
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Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology. Highly developed countries have governments that focus on these areas. Less-developed countries, even those with high amounts of natural resources, will lag behind when they fail to promote research in technology and improve the skills and education of their workers. The skills, education and training of the labor force have a direct effect on the growth of an economy. A skilled, well-trained workforce is more productive and will produce a high-quality output that adds efficiency to an economy.
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