explain factors of production.
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Answer:
In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.
Answer:
LAND:-The first requirement is land, and other natural resources such as water. forests, minerals.
LABOUR:-:-The second requirement is labour, i.e. people who will do the work. Some production activities require highly educated workers to perform the necessary tasks. Other activities require workers who can do manual work. Each worker is providing the labour necessary for production.
PHYSICAL CAPITAL:-The third requirement is physical capital, i.e. the variety of inputs required at every stage during production.
The third requirement is physical capital, i.e. the variety of inputs required at every stage during production.(a) Tools, machines, buildings: Tools and machines range from very simple tools such as a farmer's plough to an sophisticated machines such as generators, turbines, computers, etc. Tools, machines, buildings can be used in production over many years, and are called fixed capital.
The third requirement is physical capital, i.e. the variety of inputs required at every stage during production.(a) Tools, machines, buildings: Tools and machines range from very simple tools such as a farmer's plough to an sophisticated machines such as generators, turbines, computers, etc. Tools, machines, buildings can be used in production over many years, and are called fixed capital.b) Raw materials and money in hand: Production requires a variety of raw materials such as the yarn used by the weaver and the clay used by the potter. Also, some money is always required during production to make payments and buy other necessary items. Raw materials and money in hand are called working capital. Unlike tools, machines and buildings. these are used up in production
HUMAN CAPITAL:-:-There is a fourth requirement too. You will need knowledge and enterprise to be able to put together land, labour and physical capital.
Explanation:
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