Question

What are the factors of production? Describe each factor briefly.​

Answer 1

Answer:

ғᴀᴄᴛᴏʀs ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ɪs ᴀɴ ᴇᴄᴏɴᴏᴍɪᴄ ᴛᴇʀᴍ ᴛʜᴀᴛ ᴅᴇsᴄʀɪʙᴇs ᴛʜᴇ ɪɴᴘᴜᴛs ᴜsᴇᴅ ɪɴ ᴛʜᴇ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴏғ ɢᴏᴏᴅs ᴏʀ sᴇʀᴠɪᴄᴇs ɪɴ ᴏʀᴅᴇʀ ᴛᴏ ᴍᴀᴋᴇ ᴀɴ ᴇᴄᴏɴᴏᴍɪᴄ ᴘʀᴏғɪᴛ. ... ᴛʜᴇ ғᴀᴄᴛᴏʀs ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ɪɴᴄʟᴜᴅᴇ ʟᴀɴᴅ, ʟᴀʙᴏʀ, ᴄᴀᴘɪᴛᴀʟ ᴀɴᴅ ᴇɴᴛʀᴇᴘʀᴇɴᴇᴜʀsʜɪᴘ.

Answer 2

Answer:

$Factors \: of \: production \: have \: been \: categorized \: into \: four \: types.</p><p></p><p></p><p></p><p> </p><p></p><p>$

Land

It refers to all natural resources. All natural resources either on the surface of the earth or below the surface of the earth or above the surface of the earth is Land.One uses the land to produces goods. It is the primary and natural factor of production. All gifts of nature such as rivers, oceans, land, climate, mountains, mines, forests etc. are land.The payment for land is rent.

Labor

All human effort that assists in production is labour. This effort can be mental or physical. It is a human factor of production. It is the worker who applies their efforts, abilities, and skills to produce.

The payment for labour is the wage.

Capital

Capital refers to all manmade resources used in the production process. It is a produced factor of production. It includes factories, machinery, tools, equipment, raw materials, wealth etc.The payment for capital .

Entrepreneur

An entrepreneur is a person who brings other factors of production in one place. He uses them for the production process. He is the person who decidesWhat to produceWhere to produceHow to produceA person who takes these decisions along with the associated risk is an entrepreneur.The payment for land is profit.