12. Explain 4 main factors responsible for production. Which is the most scarce and why?
Answers
Explanation:
The 4 factors of production are --
1. land
2. labour
3. capital
4. entrepreneur.
IN MORE DETAILS
1.Land: It is most abundant factor.
2. Labour: It consist of the human force to do the work.
3.Capital: It is the money required for the production of any thing.
4.Entrepreneur: It is the most scarce factor in all the 4 factors of production because the work of entrepreneurs is to think of new ideas and then take the idea into the action of any business and arrange the money suitably and it is not everyone's cup of tea.
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factors of production are --
1. land
2. labour
3. capital
4. entrepreneur.
IN MORE DETAILS
1.Land: It is most abundant factor.
2. Labour: It consist of the human force to do the work.
3.Capital: It is the money required for the production of any thing.
4.Entrepreneur: It is the most scarce factor in all the 4 factors of production because the work of entrepreneurs is to think of new ideas and then take the idea into the action of any business and arrange the money suitably and it is not everyone's cup of tea.