Question

Explain different factors of production

Answer 1

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.

Answer 2

Hey buddy!!

Here is your answer!!

⚫️Factors of production is an economic term which refers to the input required for the production of goods. The four factors of production are land, labour, physical capital and human capital.

1 ) Land is the first factor and the basic requirement for production along with other natural resources like water and minerals.

2) Labour is the second factor, that is, the people who will do the work. Some production activities require highly educated labours in order to perform necessary tasks.

3) The third factor is physical capital, that is, the input required at every stage of production.
It include :-
⚪️Fixed capital, that is the capital required for production over many years. For example, buildings, tools and machines.

⚪️Working capital, which includes raw materials and the money in hand.

4) The fourth and the last factor is the human capital, which refers to the use of knowledge to be able to perform labour to raise some economic value.
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