Question

What are inputs?
Mention any four factors of production?

Answer 1

Answer:

Inputs In an industry certain things are required at the pre-production stage for making of goods. These are called inputs. These include raw materials and/or component parts.

Factors of Production:

Following are the important factors of production :

(i) Land It should be available at the most appropriate place where all the factors of industrial location are either available or can be arranged at lower cost.

(ii) Labour There should be cheap and enough supply of labour.

(iii) Capital To run industrial activities sufficiently and regularly supply of capital is a must.

(iv) Entrepreneur A person who conceives and

implements the idea of setting up an industry by organising land, labour and capital is called an entrepreneur.

Answer 2

In an industry certain things are required at the pre-production stage for making goods. These are called inputs. These include raw materials or machines.

Following are the important factors of production:-

1. Land:- Suitable land available at appropriate place for production.

2. Labour:- These should be cheap and enough supply of labour.

3. Capital:- To buy raw materials, pay wages and other needs, money or capital is needed.

4. Entrepreneur:- A person who combines rest of the three factors of production.