Question

state any two factors of production

Answer 1

The two important factors of production are Land and labour

Answer 2

The ‘factors of production’ are land and labour.

Explanation:

• The ‘factors of production’ are land, capital, labour, and entrepreneurship. These are the inputs that are needed for the ‘production of goods and services’.  

• These factors of production consist of elements and resources needed for the ‘production of goods’.  

• The land is a natural resource and consists of raw materials which are the resources needed for production.  

• Labour is the human factor responsible for the ‘production of goods’.  

• The production process requires efficient labour with skills for the process of production.

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