Question

mention the factors which are useful for production of goods and services

Answer 1

boom in market
fall in prices of raw material
rise in standard of living
fall in interest rates

Answer 2

A combination of natural and man-made resources, required as input for producing a good or service are called as factors of production.

The 4 main inputs are –
• Land – All natural resources such as metals, wood etc arising out of land.

• Labour – All human efforts used for production

• Capital – Includes cash and other assets like tools, machinery etc

• Entrepreneurship – He is the most important factor of production. He uses a business idea to generate profits using land, labour and capital.