Dubai has had a great economic development since the middle of the 20th century thanks to oil and the development of other businesses such as tourism.
What are the factors of production?
The factor of production is an economic term that refers to the inputs that are used to produce other goods or services. Generally, four main categories stand out which are:
- Land
- Job
- Capital
- Entrepreneurship
According to the above, Dubai has used the factors of production as follows:
- Land: The main natural resource that has helped Dubai to grow its economy is oil because it is its largest export product.
- Work: In Dubai, work is an important resource since most people have a job, being one of the countries with the lowest unemployment rate with just 0.5%.
- Capital: Thanks to the oil boom, Dubai obtained great economic capital that has been able to invest in the improvement of the infrastructure of the city to turn it into a world-class business center.
- Entrepreneurship: This is an important point of the Dubai economy because it has stopped depending on oil to get involved in other industries such as construction and tourism.
Learn more about the economy in: https://brainly.com/question/951950
