what are factors of production
Answers
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.
Explanation:
Answer:
The main factor of production is land. Other requirements like forest water and materials are needed.
Second factor is labour . Both skilled and semi skilled labour are required.
Third factor is Physical capital that is things required at every stage of production.
it is divided into two
Working capital- Money and raw materials
Fixed capital- Land, tools and machineries.
There is also a need for skill and enterprise to put together all these factors and produce an output which can be used by themselves or sold in markets
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