Question

what are factors of production? which is the most important and why?

Answer 1

The factors of production are
1)Land
2) Labour
3)Human capital
4) Physical capital
Human capital is the most important factor of production because you will need knowledge and enterprise to be able to put together land,labour and physical capital to produce an output either to use yourself or sell in the market.Moreover,all the factors of production will be of no use if there is no investment in human capital.

Answer 2

Hey there
..............
The four factors of production are :

1. Land
2. Physical Capital
3. Labour
4. Human Capital

___________ _____________

Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.

It includes the skilled and unskilled work force of a nation.


THANKS...