Question

Explain the four factors of production.

I need short explanation...​

Answer 1

Heya ____

⭐ Four factors of production are explained here :-

____
___________

⚪ LAND ___

√ Land is the first factor of production , as we are going to produce anything in business context then we needed land first to setup the industry ....

√ And in return of land the land owner get the rent for it...

⚪ LABOUR ____

√ The labour is that term which needed to run any production section ...

√ In return to their service labour needed Wages....

⚪ CAPITAL _____

√ To set up any production unit we needed the capital to occur the business ahead....

√ The capital investor needed the interest in return of capital...

⚪ Entrepreneur ______

√ This factor is the owner of the all production unit and hold all the decisions of production...

√ In return of his work he needed the profit in return...

Thank you

Answer 2

Answer:

According the small business magazine the foundation of an economy is built on the four factor of production: land, labor, capital and entrepreneurship.

To understand how these factors apply to business, consider the story of an entrepreneur, Henry, who has an idea to make an evolutionary toothbrush that eliminates tooth decay.

Another point of view is: Resources required for generation of goods of services usually classified into four major groups: land, labor, capital and entrepreneurship.