state any two factors of production
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The two important factors of production are Land and labour
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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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