Question

a visit to a local industrial unit and analyse the combination of the factors of production being used in the production process​

Answer 1

Answer:

this firm hierarchy allows us to separate new startup from facility expansion by existing multi-unit firm.

Answer 2

Answer:

• A factory is considered as a capital in the factor of production.
• Capital is referred to any good that was used to create other goods.
• The various kinds of factors that affect the location of an industry are raw materials, capital, transport, market, water, power, land, labour, communication, entrepreneurship, etc.
• Factors of production are the inputs required for the production process. They are the resources that produce goods and services.
• The land is a natural resource that we use to produce goods and services.
• The work time and efforts that labours devote to produce goods and services including human capital which is the quality of labours, knowledge, skills, training, and work experience is considered.
• The idea, plan along with tools, and machinery is taken into consideration.

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