Question

In economics, How land and labour helps in the production factor?
Explain with the help of an example.
______________________​

Answer 1

Answer:

Entrepreneurs use land, labor, and capital in order to produce a good or service for consumers. Entrepreneurship is involved with establishing innovative ideas and putting that into action by planning and organizing production.

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Answer 2

ʜᴇʀᴇ'ꜱ yᴏᴜʀ ᴀɴꜱᴡᴇʀ

ᴅᴇꜰɪɴɪᴛɪᴏɴ:

ᴛʜᴇ ꜰᴀᴄᴛᴏʀꜱ ᴏꜰ ᴩʀᴏᴅᴜᴄᴛɪᴏɴ ᴀʀᴇ ʀᴇꜱᴏᴜʀᴄᴇꜱ ᴛʜᴀᴛ ᴀʀᴇ ᴛʜᴇ ʙᴜɪʟᴅɪɴɢ ʙʟᴏᴄᴋꜱ ᴏꜰ ᴛʜᴇ ᴇᴄᴏɴᴏᴍy; ᴛʜᴇy ᴀʀᴇ ᴡʜᴀᴛ ᴩᴇᴏᴩʟᴇ ᴜꜱᴇ ᴛᴏ ᴩʀᴏᴅᴜᴄᴇ ɢᴏᴏᴅꜱ ᴀɴᴅ ꜱᴇʀᴠɪᴄᴇꜱ. ᴇᴄᴏɴᴏᴍɪꜱᴛꜱ ᴅɪᴠɪᴅᴇ ᴛʜᴇ ꜰᴀᴄᴛᴏʀꜱ ᴏꜰ ᴩʀᴏᴅᴜᴄᴛɪᴏɴ ɪɴᴛᴏ ꜰᴏᴜʀ ᴄᴀᴛᴇɢᴏʀɪᴇꜱ:

✎ ʟᴀɴᴅ

✎ ʟᴀʙᴏʀ

✎ ᴄᴀᴩɪᴛᴀʟ

✎ ᴇɴᴛʀᴇᴩʀᴇɴᴇᴜʀꜱʜɪᴩ

ʟᴀɴᴅ:

ʟᴀɴᴅ ɪꜱ ᴛʜᴇ ᴩʜyꜱɪᴄᴀʟ ᴩʟᴀᴄᴇ ᴡʜᴇʀᴇ ᴇᴄᴏɴᴏᴍɪᴄ ᴀᴄᴛɪᴠɪᴛy ᴛᴀᴋᴇꜱ ᴩʟᴀᴄᴇ.

ꜰᴏʀ ᴇxᴀᴍᴩʟᴇ:

✎ ɪɴ ᴛʜᴇ ʟᴇᴍᴏɴᴀᴅᴇ ꜱᴛᴀɴᴅ ɪᴛ ᴄᴏᴜʟᴅ ʙᴇ ᴛʜᴇ ᴩᴀᴛᴄʜ ᴏꜰ ʟᴀᴡɴ ɪɴ ꜰʀᴏɴᴛ ᴏꜰ yᴏᴜʀ ʜᴏᴜꜱᴇ. ʜᴏᴡᴇᴠᴇʀ, ʟᴀɴᴅ ᴀʟꜱᴏ ɪɴᴄʟᴜᴅᴇꜱ ᴀʟʟ ᴛʜᴇ ɴᴀᴛᴜʀᴀʟ ʀᴇꜱᴏᴜʀᴄᴇꜱ ꜰᴏᴜɴᴅ ᴏɴ ɪᴛ.

ʟᴀʙᴏʀ:

ʟᴀʙᴏʀ ʀᴇᴩʀᴇꜱᴇɴᴛꜱ ᴀʟʟ ᴏꜰ ᴛʜᴇ ᴩᴇᴏᴩʟᴇ ᴛʜᴀᴛ ᴀʀᴇ ᴀᴠᴀɪʟᴀʙʟᴇ ᴛᴏ ᴛʀᴀɴꜱꜰᴏʀᴍ ʀᴇꜱᴏᴜʀᴄᴇꜱ ɪɴᴛᴏ ɢᴏᴏᴅꜱ ᴏʀ ꜱᴇʀᴠɪᴄᴇꜱ ᴛʜᴀᴛ ᴄᴀɴ ʙᴇ ᴩᴜʀᴄʜᴀꜱᴇᴅ.

ꜰᴏʀ ᴇxᴀᴍᴩʟᴇ:

✎ ᴛʜɪɴɢꜱ ᴄᴀɴ'ᴛ ʙᴇ ᴩʀᴏᴅᴜᴄᴇᴅ ᴜɴʟᴇꜱꜱ ꜱᴏᴍᴇᴏɴᴇ ᴍᴀᴋᴇꜱ ᴛʜᴇᴍ. ᴛʜᴇ ʟᴇᴍᴏɴᴀᴅᴇ ᴡᴏɴ'ᴛ ᴍᴀᴋᴇ ɪᴛꜱᴇʟꜰ, ᴀɴᴅ ɪᴛ ᴡᴏɴ'ᴛ ꜱᴇʟʟ ɪᴛꜱᴇʟꜰ ɪꜰ yᴏᴜ ᴀʀᴇɴ'ᴛ ᴛʜᴇʀᴇ ᴛᴏ ᴅᴏ ɪᴛ.

HOPE THIS HELPS ✌