Question

what are the factors of production?

Answer 1

THERE ARE FOUR FACTORS OF PRODUCTION.
1. LAND
2. LABOUR.
3. CAPITAL ( PHYSICAL CAPITAL; WORKING CAPITAL)
4 . HUMAN SKILL

Answer 2

Heya

Here is your answer

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Land - It includes land and other natural resources such as  water, forests, and minerals.

Labor - It refers to the people who do the work. It includes skilled  and unskilled labor. Some production activities require highly  educated workers to perform the necessary tasks. Other  activities require workers who can do manual work. Each worker  is providing the labor necessary for production.

Capital – It refers to the physical capital, i.e., The variety of  inputs required at every stage during production. It may be of two

types –

a) Fixed capital - Tools, machines, buildings used in  production.

b) Working capital – Raw materials and money in hand  collectively.

c) Human capital – We need knowledge and enterprise to be  able to put together land, labor, and physical capital and to  produce an output either to use you or to sell in the market. This  these days is called human capital.

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