Question

what are the factors of production explain in brief

Answer 1

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

Land is the first factor and the basic requirement for production along with other natural resources like water and minerals.

2) Labour is the second factor, that is, the people who will do the work. Some production activities require highly educated labours in order to perform necessary tasks.

3) The third factor is physical capital, that is, the input required at every stage of production.

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