Question

Mention the factors of production and explain any two of them
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Answer 1

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The 'factors of production' are land and labour.

The 'factors of production' are land, capital, labour, and entrepreneurship. These are the inputs that are needed for the 'production of goods and services'.

Answer 2

Answer:

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Explanation:

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services. This includes not just land, but anything that comes from the land.

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