what are the factors of production? explain
Answers
Answered by
655
Hello Mate!
Factors of production are :-
Land :- The land is an important factor for cultivation. As vast as tge land will be , the production will be more because large land provide multiple cropping etc,.
Labour :- Unskilled, Semi - Skilled and Skilled labours are main factors. There is aboundance of labour in nature.
Capital :- Fir starting up any business you need money to invest. This is what we mean by capital.
Human Capital :- Last but not the least, most important capital amongst all is Human Capital because to arrange all these things we need a human to arrange in a specific way.
Hope it helps☺!
Factors of production are :-
Land :- The land is an important factor for cultivation. As vast as tge land will be , the production will be more because large land provide multiple cropping etc,.
Labour :- Unskilled, Semi - Skilled and Skilled labours are main factors. There is aboundance of labour in nature.
Capital :- Fir starting up any business you need money to invest. This is what we mean by capital.
Human Capital :- Last but not the least, most important capital amongst all is Human Capital because to arrange all these things we need a human to arrange in a specific way.
Hope it helps☺!
ShuchiRecites:
thanks for brainliest
Answered by
102
Answer:
Factors which are used to carry out the process of production are called factors of production. In the modern economy, economists classified these factors into two categories. They are land and labour, as capital is created by the application of labour on land and an entrepreneur is the human resource who performs and controls the business. Therefore, land and labour are the primary factors of production, whereas capital and the human capital are the secondary factors of production.
Explanation:
Similar questions