Question

Q25 (1) Discuss the four factors of production

(2) "Despite the availability of all the factors of production in India, why does India still lags behind" comment.


Please answer my question as soon as possible because it is very important for me ​

Answer 1

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1) 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.

2) during the colonial rule, india was exploited by the british, and the country once known as the golden bird was devastated. ... But, we have all the resources required to become a developed country but wedont have the technology needed to utilize them.