Question

prodution is possible when 4 factors combine.explain the statement​

Answer 1

The four factors are :-

1. Land:- It is the gift of nature and considered other natural resources like minerals, forest, water, etc .

2. Labour:- It is the people who will do work. It can be skilled and unskilled .

3. Physical capital:- It is the variety of inputs required at every stage during production It is mainly of two types fixed capital (like tools and machinery) and working capital (like money).

4. Human capital :- It is the human enterprises and knowledge which is needed to put together land, labour and physical capital. It is the knowledge and skills which is embodied in the humans

Hope it's help you.