Question

explain any three factors of production

Answer 1

there are main four factors of production they are as follows land it includes the place where the production will be carried out second is labour it includes the person who will do the work which is required for production the labour it is of type one is well educated for doing and managing the staff and all production activities and second is who needs for manual work third is physical capital it includes working and fixed capital working capital is money in hand and raw material which is needed at every stage of production and second is fixed capital in which money is spent once and it works for many years such as building tools machines the last most important is human capital it needs enterprise and knowledge who will put together labour and physical capital for the production and for gaining benefit

Answer 2

Answer:

Labour: - They are the workers on farm and factory. There are to types of labour one skilled and other educated. Skilled are the once who are perfect only in the work in which they have experience they can’t study and learn new things. And educated labors are able to learn new things faster than them.

Physical capital: - It includes the things for farming and factory. They are of two types fixed capital and working capital. In fixed capital the things works for two or more years. For eg: -tractors, machines, etc.  

Working capital the things in it works for the time till in how much amount it was brought and you how much you consume. For eg: - fruits, wheat, etc.  

Human Capital: - It has the power to control all the factors of production it can change any waste thing into useful product.

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