Question

state and explain the factors of production

Answer 1

The factors of production are considerend into 4 :
1)land:first factor it also includes natural resources from land
2)labour:this are the people for production of goods and services.the income to works for production is called wages.
3)capital:this factor is to work with machines by people.
4)entreprenureship: this combines the all above 3 factors land,labour,capital and the goods and services bring to market is known as entreprenureship.
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Answer 2

Answer:

The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. ... Land resources are the raw materials in the production process.

Explanation: