Question

44. Explain the factors responsible for production with examples​

Answer 1

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Following are the factors responsible for production:

• Land: It is free gift of nature and it is neither created nor destroyed.

• Labour: It is a factor which helps in production. There are three types of labour - skilled, semi-skilled and unskilled.

• Capital: It is a part which is invested. There are two types of capital namely physical and working capital.

• Entrepreneurs: The person who is taking risk is known as entrepreneur. Without entrepreneur land, labour capital are useless.

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Answer 2

Answer:

Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Explanation:

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