Question

11. Explain the various factors of production.
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Answer 1

✍︎ANSWER✍︎

ғᴀᴄᴛᴏʀs ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ɪs ᴍᴇᴀɴᴛ ʙʏ ᴀɴʏᴛʜɪɴɢ ᴡʜɪᴄʜ ʜᴇʟᴘs ɪɴ ᴛʜᴇ ᴘʀᴏᴄᴇss ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ.

ғᴀᴄᴛᴏʀs ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ɪs ᴄʟᴀssɪғɪᴇᴅ ɪɴᴛᴏ ғᴏᴜʀ ɢʀᴏᴜᴘs-

1) ʟᴀɴᴅ- ʟᴀɴᴅ ɴᴏᴛ ᴏɴʟʏ ɪɴᴄʟᴜᴅᴇs ᴜᴘᴘᴇʀ sᴜʀғᴀᴄᴇ ᴏғ ᴛʜᴇ sᴏɪʟ, ʙᴜᴛ ᴀʟsᴏ ɪɴᴄʟᴜᴅᴇs ᴀʟʟ ᴏᴛʜᴇʀ ғʀᴇᴇ ɢɪғᴛs ᴏғ ɴᴀᴛᴜʀᴇ sᴜᴄʜ ᴀs ᴀɪʀ, ᴡᴀᴛᴇʀ, ᴄʟɪᴍᴀᴛᴇ, ᴍᴏᴜɴᴛᴀɪɴs ᴇᴛᴄ. ᴡʜɪᴄʜ ᴀʀᴇ ᴇᴄᴏɴᴏᴍɪᴄᴀʟʟʏ ᴜsᴇғᴜʟ ᴛᴏ ᴍᴀɴ.

2) ʟᴀʙᴏᴜʀ - ʟᴀʙᴏᴜʀ ʀᴇғᴇʀs ᴛᴏ ᴀʟʟ ᴛʏᴘᴇs ᴏғ ʜᴜᴍᴀɴ ᴡᴏʀᴋ, ᴘʜʏsɪᴄᴀʟ ᴀs ᴡᴇʟʟ ᴀs ᴍᴇɴᴛᴀʟ; ᴅᴏɴᴇ ᴡɪᴛʜ ᴀ ᴠɪᴇᴡ ᴛᴏ ᴇᴀʀɴ ɪɴᴄᴏᴍᴇ. ᴡᴏʀᴋ ᴅᴏɴᴇ ᴏᴜᴛ ᴏғ ʟᴏᴠᴇ ᴀɴᴅ ᴀғғᴇᴄᴛɪᴏɴ sᴜᴄʜ ᴀs ᴛᴇᴀᴄʜɪɴɢ ᴏɴᴇ's ᴏᴡɴ ᴄʜɪʟᴅ ʙʏ ᴀ ᴛᴇᴀᴄʜᴇʀ ᴏʀ ᴄʟᴇᴀɴɪɴɢ ᴏɴᴇ's ᴏᴡɴ ᴄᴀʀ ᴀʀᴇ ɴᴏᴛ ᴄᴏɴsɪᴅᴇʀᴇᴅ ᴀs ʟᴀʙᴏᴜʀ.

3) ᴄᴀᴘɪᴛᴀʟ - ᴄᴀᴘɪᴛᴀʟ ᴍᴇᴀɴs ᴀʟʟ ᴍᴀɴ-ᴍᴀᴅᴇ ᴅᴜʀᴀʙʟᴇ ɢᴏᴏᴅs ᴡʜɪᴄʜ ᴀʀᴇ ᴜsᴇᴅ ғᴏʀ ғᴜʀᴛʜᴇʀ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴏғ ᴡᴇᴀʟᴛʜ.

4) ᴏʀɢᴀɴɪsᴀᴛɪᴏɴ - ᴏʀɢᴀɴɪsᴀᴛɪᴏɴ ʀᴇғᴇʀs ᴛᴏ ᴛʜᴇ sᴇʀᴠɪᴄᴇs ᴏғ ᴀɴ ᴇɴᴛʀᴇᴘʀᴇɴᴇᴜʀ ᴡʜᴏ ᴄᴏɴᴛʀᴏʟs, ᴏʀɢᴀɴɪsᴇs ᴀɴᴅ ᴜɴᴅᴇʀᴛᴀᴋᴇs ᴀʟʟ ᴛʜᴇ ʀɪsᴋs ᴏғ ᴛʜᴇ ʙᴜsɪɴᴇss.

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Answer 2

Answer:

The factors of production are resources that are the building blocks of the economy ,they are what people use to produce goods and services

Economists divide the factors of production into four categories : land ، labour, capital and entreprenuership

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