Question

Explain different factors responsible for production

Answer 1

land resources are the raw materials in the production process the income earned by labour resources is called wages and is the largest source of income for most people III factor of production is capital think of capital as the Machinery Tools bill and buildings you months used to produce goods and services factors of production is an economic term that describes the input data used in the production of goods or services in order to make an economic profit the factors of production include land labour capital and entrepreneurship dude number and variety of the different resources business required is limitless economist divide the factors of production into three basic categories land labour and capital land refers to all the natural resources that business needs to make and distribute goods and services