Name the factors of production. Explain any two in detail.
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Answer:
The factors of production are Capital, Human Capital, Land and Labour
Explanation:
Human Capital- The people/Labourers working under someone is the human capital
Land- Land is needed for agriculture and many other things
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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.
Land, In economics, the resource that encompasses the natural resources used in production. In classical economics, the three factors of production are land, labour, and capital.
DescriptionLabour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that supplied by labourers in exchange for a wage paid by demanding firms. Labour markets or job markets function through the interaction of workers and employers.
Capital is a term for financial assets, such as funds held in deposit accounts and/or funds obtained from special financing sources. Capital can also be associated with capital assets of a company that requires significant amounts of capital to finance or expand.
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. ... Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market.
Land, In economics, the resource that encompasses the natural resources used in production. In classical economics, the three factors of production are land, labour, and capital.
DescriptionLabour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that supplied by labourers in exchange for a wage paid by demanding firms. Labour markets or job markets function through the interaction of workers and employers.
Capital is a term for financial assets, such as funds held in deposit accounts and/or funds obtained from special financing sources. Capital can also be associated with capital assets of a company that requires significant amounts of capital to finance or expand.
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. ... Entrepreneurs play a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market.
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