Question

Find odd word out
Question:- land, labour, capital profit​

Answer 1

Answer:

profit

Explanation:

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Answer 2

Answer:

Profit is the odd word is the correct answer.

Explanation:

What is production?

It is the process of combining various inputs to produce something to consume. Production is the result of economic activity. In order to manufacture or manufacture something, we need tangible and intangible materials.

What is Factor of production-

Anything that contributes to production is a factor of production. These are various factors that transform each resource into a more useful product or service. They are the inputs of the production process. These are the starting point of the production process. Factors of production are parameters that affect the amount of production.

Factors of production fall into four categories: land, labor capital, and entrepreneurs.

• Land- It pertains to all natural resources. All natural resources above or below the surface of the earth are land. Use land to produce goods. It is the main and natural factor of production. All the gifts of nature such as rivers, seas, land, climate, mountains, mines, and forests are land.

• Labour- All human effort that goes into production is work. This effort can be mental or physical. It is the human factor in production. It is the workers who use their efforts, skills, and abilities to produce. The compensation for work is wages.

• Capital- Capital refers to all man-made resources which are used in the production process. It is the production factor of production. It includes factories, machines, tools, equipment, raw materials, wealth, etc. Capital payments interest.
• Entrepreneur- An entrepreneur is a person who brings together other factors of production in one place. he uses them in his production process. They decides-

• what to produce
• where to produce
• production method

The person making these decisions with associated risks is the entrepreneur. The land payment is profit.

Profit is the reward of a business firm.

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