Question

Explain four factors of production

Answer 1

Answer:

For production we need:

1) Capital

2) Electricity

3) Labour

4) Land

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Answer 2

Answer:

The four factors of production are:

• LAND
• LABOUR
• CAPITAL
• ENTREPRENEUR

Now, starting with the brief explaination of above:

LAND: this word is used in a special sense in the economy. It doesnot mean soil or earth crust alone, but also nature's free gifts. supply of land is fixed. It is permanent & has indestructible powers. Land is a passive factor,it is immobile &  has multiple uses. Lastly, it is heterogeneous.

LABOUR: this word means any mental or physical exertion directed to produce goods or services. Human effort is required here. Labour is perishable also it is an active factor. A labour is inseparable from a laboure,its power differs. they have poor bargaining power all of themmay not be productive. labour is mobile.

CAPITAL: we may define it as a part of wealth of an indivudual or commodity which is used for future production of wealth. Capital is a stock concept which yields periodical income. there are 7 types of capital:

fixed, circulating,real, human, tangible, individual, & social capital.

ENTREPRENEUR: there must be some factor which mobilizes all the above three factors in the right proportion & initiates the process of production & bears the risks involved in it. this factor is known as entrepreneur.

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