1. list and define the factors of production

Primary Production: is a type of production that produces the raw materials

Manufacturing Industry: is a type of production that concerns itself with producing goods and providing services

Extractive Industry: this industry uses the goods and raw materials produced by the primary industry and the manufacturing industry to make life easier and faster

The factors of production are Earth, Work and Capital

Explanation:

In economics, production factors are the set of elements indispensable to a production process, whether it be a good or a service. The main ones are:

Earth: The earth element includes not only the areas of cultivation or construction, but all the natural resources that are above and below it.

Work: It includes both the hours of work employed in production as well as the knowledge, technique and capabilities of those who participate in the process.

Capital: The capital element is equivalent to capital goods.

The main characteristic of production factors is that they are scarce, i. e., finite.