Question

explain the various factors of production​?????

Answer 1

Answer:

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.

These include any resource needed for the creation of a good or service. The factors of production include

• land
• labor
• capital
• entrepreneurship.

LAND

Land can take on various uses

• agricultural land to commercial real estate
• Natural resources, such as oil and gold, can be extracted and refined for human consumption
• Cultivation of crops on land by farmers increases its value and utility.

LABOR

• Production workers are paid for their time and effort in wages that depend on their skill and training.
• Labor by an uneducated and untrained worker is typically paid at low prices.
• Skilled and trained workers are referred to as human capital and are paid higher wages because they bring more than their physical capacity to the task.

CAPITAL

• capital refers to the purchase of goods made with money in production.
• Capital is of two types - personal capital and Private capital

ENTREPRENEURSHIP

Entrepreneurship is the secret sauce that combines all the other factors of production into a product or service for the consumer market.

Hope it helps....

Answer 2

The various factors of

Production are

1. Capital

2. Land

3. Labour

4. Entrepreneurship

HOPE IT HELPS YOU