explain the different factors of production
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⚫️Factors of production is an economic term which refers to the input required for the production of goods. The four factors of production are land, labour, physical capital and human capital.
1 ) Land is the first factor and the basic requirement for production along with other natural resources like water and minerals.
2) Labour is the second factor, that is, the people who will do the work. Some production activities require highly educated labours in order to perform necessary tasks.
3) The third factor is physical capital, that is, the input required at every stage of production.
It includes :-
⚪️ Fixed capital, that is the capital required for production over many years. For example, buildings, tools and machines.
⚪️ Working capital, which includes raw materials and the money in hand.
4) The fourth and the last factor is the human capital, which refers to the use of knowledge to be able to perform labour to raise some economic value.
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Thanks!
Here is your answer!!
==================
⚫️Factors of production is an economic term which refers to the input required for the production of goods. The four factors of production are land, labour, physical capital and human capital.
1 ) Land is the first factor and the basic requirement for production along with other natural resources like water and minerals.
2) Labour is the second factor, that is, the people who will do the work. Some production activities require highly educated labours in order to perform necessary tasks.
3) The third factor is physical capital, that is, the input required at every stage of production.
It includes :-
⚪️ Fixed capital, that is the capital required for production over many years. For example, buildings, tools and machines.
⚪️ Working capital, which includes raw materials and the money in hand.
4) The fourth and the last factor is the human capital, which refers to the use of knowledge to be able to perform labour to raise some economic value.
==================
Hope it helps you!
┬─┬ノ( º _ ºノ)
Thanks!
SkullCandy1111:
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Answered by
197
Answer:
Explanation: Four factors of production are:-
• Land -it is the gift of nature. it can neither be created nor be destroyed.
•Labour- it is the factor which help in production.
•capital- it is the part which is invested. they are of two types fixed and working capital.
•entrepreneur- those who take risk on using them.without entrepreneur ,other factors are useless
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