Question

Question-
What are the basic factors of production? Explain each of them in detail.
Pls answer fast...

Answer 1

Answer:

Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

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Explanation:

Answer 2

Answer:

land

labour

capital

knowledge (enterprise and organisational)

Explanation:

1.for the industry the land is important

2.if there is no labour the work will not happen

3.capital means money this is important to .make investment

4.knowledge is main important

we should know everything about the factory how the product made .....etc