define factor of production?
Answers
Explanation:
factors of production means the things that are in used in the production of output
main factors of production are
land, labour, capital ( amount of money invested),entrepreneur
,for example:
land ( one of the factor of production) is used to build buildings ( output) / be used by farmers to grow crops(output)
Answer:
First the land =land force to all the natural resources this resources are gifts that are given by nature example oil ,water ,natural gas
Second the labour= labour as a factor of production involves many human input .the quality of labour depends on the workforce skills, education and motivation
Third is the human capital here human capital refers to the manufacture such as factories and machines these are man made goods used in production of Other goods.
Fourth is enterprenturship an entrepreneur is a person who combines the other factors of production land ,labour ,
capital to earn profit
Explanation: