Question

What are the factors of production???​

Answer 1

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In economics, factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.

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Answer 2

ANSWER

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The factors of Production are as follows :-

1.Design of the Product :- The product to be produced by a firm is decided by it's top management.

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2.Design of Production system :- Production system is a framework within which inputs are converted into outputs.

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3.Selection of Location :- The choice of the place where factory or plant is to be located has an important influence on the cost of production.

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4.Plant Building :- The planning of factory building is important probelem of production management. Well planned buildings helps to ensure economical and efficient production.

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