Question

define production explain various factors of production in points class 9

Answer 1

Answer:

Production refers to combining of material and a material goods (eg, raw material, capital, furniture etc) to make final products which can be sold to the consumers in need.

The various factors of production are:

• Land: Land is then ultimate place where the production process will be started. Unless and until the propetior doesn't have land, he or she cannot start the business/production process.
• Labour: Labour is another main factor for production. Labour can be either human utilised or capital utilised. That basically depends upon the nature of the production.
• Capital: To start the business/ production process one needs the capital for investing in the business in initials.
• Enterpneurship: Main factor for the employees to show their skills and make profits for the business.

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Answer 2

Answer:

The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. ... The second factor of production is labor.