Flow chart on factors of productions
Answers
Land, Labour, capital, Entrepreneur
Answer:
There are four factors in the production.
Explanation:
In this question, we have to make a flow chart on the factors of production. As we know that production is the most important thing for the company. There are factors of production that affects the production of the company.
1. Land:
The land is known as the primary function of production as it consists of all the natural resources available on land, below the land. We also use to do production by making factories on it.
2. Labor:
The second factor in production is labor. Labor means the human workforce include in the production of the company. All the efforts made by the labor are known as the labor factor.
3. Capital
Capital means all the man-made that are included in the production is known as the capital factor of production. The capital resources are machines, plants, factories, tools, etc.
4. Entrepreneur
The entrepreneur is the most important factor. It is the person that determines what to produce? how to produce? how much to produce? The entrepreneur collects all the resources for production.
Hence, these are the factors of production.
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