Question

9. Explain the various factors of production.


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Answer 1

Answer:

1. Land

2. Labour

3. Capital

4. Entrepreneur

Explanation:

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Answer 2

Economists divide the factors of production into four categories:

• Land labor: Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else.
• Capital: When economists refer to capital, they are referring to the assets–physical tools, plants, and equipment–that allow for increased work productivity.

• Entrepreneurship: An entrepreneur is a person who combines the other factors of production - land, labor, and capital - to earn a profit.

The first factor of production is land, but this includes any natural resource used to produce goods and services.