Question

Very short answer questions:



what are the factors of production...


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Answer 1

Answer:

Their are four factors of production are:-

1.  Land.

2.  Labor.

3.  Capital.

4.  Entrepreneurship.

More On the topic:-

A factor of production defined as the goods or services which is required for production.

The process of production to four factors, land, labour, capital and organisation or Entrepreneurship.

Answer 2

FACTORS OF PRODUCTION :

There are four factors of production. They are :

>> Land

>> Labour

>> Entrepreneur

>> Capital.

In the above four labour is the only factor that changes.

Factors of production are the factors which are used in the process of production.

The income earned from these factors will be in the form of wages, Interest, Rent and profit.

>> Wages are paid to the labours for their mental and physical service.

>> Rent is paid to the land which is used in production.

>> Interest is taken from the capitals. Capitals may consist of tools, machines etc.

>> All the above factors are combined by entrepreneur to earn profit.