Question

Explain the factors of Production.


(Class 9th Economics, The story of Village of Palampur. It consists of 5 marks so please give the answer according to the marks. After answering the question, you will receive 10 points. Plz answer this asap.)​

Answer 1

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.

Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. ... The factors of production typically include land, labor, capital, entrepreneurship, and the state of technological progress.

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