Question

Explain the four factors of production with suitable examples

Answer 1

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

Answer 2

four factors of production are land , labour , physical capital and human capital.
land is essential as it is important for growing crops.
labour is needed to do the work .
physical capital consists inputs required in production
human capital is necessary to put together land labour and physical capital to earn maximum output.