Question

what are factors of production??​

Answer 1

Answer:

In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.

Explanation:

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Answer 2

There are four key factors on which production is based.

Explanation:

• Land - A person requires the surface on which manufacturing activity is required to take place.
• Labour - An industry which is labour intensive, depends on manual processes for producing goods.
• Capital - Money or financing of activity either through a bank or from its own capital.
• Entrepreneurial skill - A person is required to be capable of handling affairs with leadership skills.
• The factors are interdependent on each other, hence all factors form the essence of the production.

Factors of production in economics:

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In economic, what are the factors of production:

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