Question

name the various factors of production​

Answer 1

Answer:

Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production include land, labor, capital and entrepreneurship.

These production factors are also construed by organizations as management, machines, materials and labor, technology and knowledge. Each of these have recently been contemplated by scholars as being potential new factors of production.

Answer 2

Factors of production is majorly four caregories:

--->land

--->labor

--->capital

---->Entrepreneurship

land

land gives us the natural resources which we can use to produce goods and services

example

water oil forest

coal

natural gas

minerals

labor

peoples are needed for production of goods and services

example

wage workers

Waiters etc

capital

money

we need more to buy the machines tools and for labors for the production of goods

Entrepreneurship

Entrepreneurship is the person who combines the various foctors of production -land ,labors and capital to earn or get profit

eg bill gates