Question

Explain the factors responsible for production.

CBSE Class IX Social Science SA (3 Marks)

Answer 1

Following are the factors responsible for production :

(i)    Land : It is a free gift of nature and it is neither created nor destroyed.

(ii)  Labour : It is a factor which helps in production. There are three types of labour—skilled, semi-skilled and unskilled.

(iii) Capital : It is a part which is invested. There are two types of capital namely physical and working capital.

(iv) Entrepreneurs : The person who is taking risk is known as entrepreneur. Without entrepreneur land, labour capital are useless.

Answer 2

Explanation:

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.