I have some questions please answer in YOUR OWN WORDS and GIVE AN EXPLANATION I’ll be giving points and marking you as brainliest If it’s well done 1. What is knowledge as a factor of production
2. Why should knowledge be considered a factor of production?
3. What would the renumeration be and why? (Eg. Capital is interest, etc)
4. Post coronavirus impact of factors of production.

If you’re gonna just copy off websites please at least edit it so that it’s less noticeable but I would prefer if it’s in your own words :)

Step-by-step explanation:

1. The current economic pattern, knowledge is the new center of progress. In the standard economy the production factors were land, labor and capital, in the new economy knowledge is the major component of the productive system.

2.The real question is why shouldn’t it be considered as a factor of production because to me knowledge is what brought about all other factors. What I mean is that without knowledge how would we know the amount of land we need or the amount of capital we need to invest.

3. The remuneration for knowledge would be wages and salaries because all knowledge deserves a reward and why not something that is favorable to everyone

4.Coronavirus slows down the economy, the consumption falls, and most of the industries face a recession.

addition

step-by-step explanation:

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