Question

what are the factors of production ​

Answer 1

Explanation:

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

Answer 2

Factors of production are the inputs needed for the creation of a good or service. The factors of production include land, labor, entrepreneurship, and capital.

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Factors Of Production

KEY TAKEAWAYS

Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit.

These include any resource needed for the creation of a good or service.

The factors of production include land, labor, capital and entrepreneurship. The state of technological progress can influence the total factors of production and account for any efficiencies not related to the four typical factors.

The Basics of Factors of Production

The modern definition of factors of production is primarily derived from a neoclassical view of economics. It amalgamates past approaches to economic theory, such as the concept of labor as a factor of production from socialism, into a single definition.

Land, labor, and capital as factors of production were originally identified by the early political economists such as Adam Smith, David Ricardo, and Karl Marx. Today, capital and labor remain the two primary inputs for the productive processes and the generation of profits by a business. Production, such as in manufacturing, can be tracked by certain indexes, including the ISM Manufacturing Index.

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Land as a Factor

Land has a broad definition as a factor of production and can take on various forms, from agricultural land to commercial real estate to the resources available from a particular piece of land. Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land. Cultivation of crops on land by farmers increases its value and utility. For a group of early French economists called the physiocrats who pre-dated the classical political economists, the land was responsible for generating economic value