Explain different factors required for production
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the following are the 4 factors of production
+land
+labour
+capital
+organisation
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The Basics of Factors Of Production
The modern definition of factors of production is primarily derived from a neoclassical view of economics. It amalgamates past approaches to economic theory, such as the concept of labor as a factor of production from socialism, into a single definition.
Land, labor, and capital as factors of production were originally identified by the early political economists such as Adam Smith, David Ricardo, and Karl Marx. Today, capital and labor remain the two primary inputs for productive processes and the generation of profits by a business.
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