Question

Define Production. Determine the four factors of production. Give relevant examples where necessary.

Answer 1

The processes and methods used to transform tangible inputs (raw materials, semi-finished goods, subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services. Resources are used in this process to create an output that is suitable for use or has exchange value

..........Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

Answer 2

Production is an activity that involves making of goods and services that a person need.

factors of production

1) land

2)labour

3) physical capital - money, machine , raw materials , etc.

4) human capital - knowledge of human

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