list the main characteristics of land labour and capital and functions of the entrepreneur
Answers
Explanation:
The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. The factors of production are land, labor, capital, and entrepreneurship.
In an economy, Land, Labour and Capital are very necessary components.
Land: If a person has a land, he can either start a small business owner and he can give the land as a rent to someone and own money. Even the person can use that land as a agricultural land
Characteristic: i) Free gift of nature.
ii)Fixed quantity.
iii)Land is permanent.
iv) Land is immovable.
Labour: It is the basic and the most important part. If a person does not have sufficient labour of a work he can neither start a business or pick up farming as an occupation.
Characteristics: i) Labour is perishable in nature.
ii) Human efforts.
iii) Not easily mobile.
iv) Land is heterogeneous.
Capital: Investment for any work is an important as food for everyday . For buying other equipment and necessary holdings it is very indeed.
Characteristics: i) Man produces Capital.
ii) Capital is Variable.
iii) Capital is mobile.
iv) Capital is a passive factor.
The main functions of the entrepreneur are first, taking the risk of developing new products or services and second, successfully bringing new products and services into the marketplace.
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