Question

what are factors of production

Answer 1

What are 'Factors Of Production'
Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship. These production factors are also known as management, machines, materials and labor, and knowledge has recently been talked about as a potential new factor of production.

Answer 2

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Factors of production are the different inputs that influence the production of goods.

Some factors of production are - Land, money in hand, labour, connectivity, raw materials, machineries capital etc.

Human resource is the most important factor of production as land, labour, money in hand, raw materials, machineries etc. Would be of no use of no one would be there to combine them and use them.

They production require knowledge and enterprise. There should be someone to put every input together to generate a useful outcome I. E human. We call it as HUMAN RESOURCE or HUMAN CAPITAL.

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