Question

what are known as factors of production

Answer 1

Hi friend
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Your answer
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★ FACTORS OF PRODUCTION : -
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◆ Land
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The first factor is land, where the industries will be set up

◆ Labour
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The second factor is labour, that is, the people who will do the work.

◆ Capital
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There are two types of capital : -

1) Fixed capital - Like buildings, machines etc which can be used for many years.

2) Working capital - Like money and raw materials, that gets used up in production.

◆ Human Capital (OR Organisation)
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Knowledge and enterprise when used to produce goods either for own use or selling in the market is human capital or organisation.

HOPE IT HELPS