Economy, asked by sowmy635, 1 year ago

What are the factors for production of goods and services?

Answers

Answered by Sweatasaha21
2
Factors of production is an economicterm 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.

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Answered by muskanmishra850
2

Hii..

.The first requirement is land and other natural resources like water, forests, minerals, etc.

.The second requirement is labour, i.e., the people who will do the work. Some activities require educated workers to perform the necessary task and other activities require workers who can do manual work.

.The third requirement is physical capital, i.e., the variety of inputs required at every stage during production. It includes fixed capital and working capital.

.Fourth requirement-knowledge and entrepreneur.

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