Question

describe the factors of production in detail​

Answer 1

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.

Answer 2

Answer:

Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labour, capital, and entrepreneurship.

Explanation:

Factors of Production – definition and explanation

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

Factors of production are inputs into the production process.

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)

Other potential factors of production

• Knowledge – human capital – the skills and ability of workers. For example, a doctor who spent 15 years studying medicine is more productive than non-skilled workers.
• State of technology – some schools of economics consider the state of technological development to be a factor of production. It will influence the effectiveness of capital investment.
• Social capital – the coherence of society. Is there trust and working legal systems which enable entrepreneurs to have greater faith in setting up a business
• Cultural heritage – if there is a strong tradition of investment and business, it is easier to replicate past business models.

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