Question

define the term factors of production and its components​

Answer 1

Explanation:

Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production include land, labor, capital and entrepreneurshipThe factors of production are an important economic concept outlining the elements needed to produce a good or a service for sale. They are commonly broken down into four elements: land, labor, capital, and entrepreneurship

Answer 2

Answer:

Factors of production refer to the different elements that are used in producing goods and services.

Factors of production are inputs into the productive process.

The four main factors of production are:

1. Land – this is raw materials available from mining, fishing, agriculture
2. Capital – This is a manufactured item used to aid production, for example, machines, factories and computers
3. Labour – Human workers who are involved in producing the good.
4. Entrepreneur – the individual or business who take the initiative to set up a business and employ different factors of production (labour, capital and entrepreneur)

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