Name the various factors of production
Answers
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Production means growing something in a large quantity...
Some factors of production are:.
→Land
→Capital
→Labour
→Entrepreneurship.
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Production:
It is a process of combining various inputs to make something for consumptions.
☆Factors of production
Anything that helps in production is the factor of production.
■ Knowledge, entrepreneurship, labour, capital and land has described as factors of production needed in any economic system, so as to operate effectively.
▪︎Knowledge is essential for effective use of provided resources and for efficient production.
■The 4 main factors of production are
◇ Land
It refers to all natural resources. All natural resources either on the surface of the earth or below the surface of the earth or above the surface of the earth is Land.
◇Labor
All human effort that assists in production is labour. This effort can be mental or physical. It is a human factor of production. It is the worker who applies their efforts, abilities, and skills to produce.
◇Capital
Capital refers to all manmade resources used in the production process. It is a produced factor of production. It includes factories, machinery, tools, equipment, raw materials, wealth etc.
◇Entrepreneur
An entrepreneur is a person who brings other factors of production in one place. He uses them for the production process. He is the person who decides
▪︎What to produce
▪︎Where to produce
▪︎How to produce
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