Question

define the factors of production??????

Answer 1

Hello buddy..
Harshi this side..

Land – consists of the physical land used by the business as well as the raw materials that comes from the land.

Labor – consists of all workers in a company including machinists, administrative, professionals, executives, and anyone else who works for the company.

Capital – consists of the buildings, plants, and equipment needed to produce a product or service. It can also include intellectual capital like trade secrets and special ways of producing products. Social capital can also be lumped in this category. This is a societal agreement or rule that allows the company to operate the way it does: for example a free market.

Entrepreneurship – the drive, leadership, and intellect required to use the other three factors to run a business and produce a product.

They are all common factors of production...
Hope it helps you buddy

Answer 2

The factors of production is requirement of the people for useful for production.
there are 4 factors of production :-
Land, Labour, Capital,and Owner .