explain how labour and capital are useful for production? Atleast 10 points plzzz....
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Home > Business Economics - CS > Theory of Consumer Behavior > Factors of Production
Theory of Consumer Behavior
Factors of Production
Look around yourself. What will you see? Tables, chairs, other furniture, doors, television, wardrobe, and so many other manmade things. Does it ever come to your mind how are these things made? How is the iron chair made? How is the wooden table made? You know that wooden furniture is made up of wood. How can one get wood? Of course from trees. The iron chair was first a piece of iron. But how is that chair gets its shape? These woods and iron are some factors of production. These are the raw materials which finished themselves into final goods like chairs and tables. In this section, we are going to know the factors of production.
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Production
It is a process of combining various inputs to make something for consumptions. Production is an outcome of economic activity. For making or producing something, we need some tangible and intangible materials.
These materials are the various factors of production. Consider a simple example of paper crafting. To make an origami, we need paper, money to buy it, and the most important technique of folding.
Let us understand what we mean by the factors of production and their types.
Factors of Production
Anything that helps in production is the factor of production. These are the various factors by mean any resource is transformed into a more useful commodity or service.
They are the inputs for the process of production. They are the starting point of the production process. Factors of production are the parameters which affect the output of production.
Types of Factors of Production
Factors of production have been categorized into four types.
factors of production
Land
It refers to all natural resources. All natural resources either on the surface of the earth or below the surface of the earth or above the surface of the earth is Land.
One uses the land to produces goods. It is the primary and natural factor of production. All gifts of nature such as rivers, oceans, land, climate, mountains, mines, forest
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