Question

Question:
Discuss the factors of production
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Answer 1

Factor of production are the inputs needed for the creation of a good or service.

There are mainly 4 factor of production -

1) 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.

One uses the land to produces goods. It is the primary and natural factor of production. All gifts of nature such as rivers, oceans, land, climate, mountains, mines, forests etc. are land.

2) Labour -

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.

3) 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.

4) 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.

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