briefly explain the four factors of production
Answers
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The firstfactor of production is land, but this includes any natural resource used toproduce goods and services.
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Land labour capital and organizer are the factor of production.
Land: It is first basic factor of production. It does not mean the surface of land on which we walk or live. It includes every thing which is gifted us free by nature e.g., mountains, forests, rivers etc.
Labour: labor is second factor of production. Labor means mental or physical work undertaken for reward
Capital: capital is the third factor of production. It means that part of income or wealth which is spent to produce more wealth or increase income.
Organizer: Entrepreneur (organizer) is the person who combines land labor capital and decides how many units of every factor of production be employed and what to be produced
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