Question

List the factors of production in the preparation of Jaggery?

Answer 1

Factors of production in the preparation of Jaggery

Explanation:

Factors of production are what is utilsed in the production process to produce  finished goods and services. For jaggery preparation the factors fof production required are

1. Land - Since the jaggery is made of the products of sugarcane and the toddy palm tree, land for cultivating sugarcane and growing toddy palm trees is needed.
2. Labour - One of the key factor of production is labour. Labour is required for the different processes (such as crushing of sugarcane for extracting juice, filtration and boiling, cooling and solidifying) that goes into the production of jaggery
3. Capital: Any business requires investment. Capital here includes money for machinery, factory, etc
4. Entrepreneurship: Entrepreneur is the person who combines other production factors-property, labor and money-to make a profit. Without the entrepreneur combining land, labour, and capital in new ways, production is not possible