Question

what are the factors of production? state it's important​

Answer 1

Answer:

the factors of production are land, labor, physical capital and human capital capital

Explanation:

land is the most abundant factor of production and it also needs mineral resources like water and forests. the second factor of production is labor , labor needs both manual laborers that is people who do the work , and educated workers. both the labors are necessary for the production.

physical capital is of two types , fixed capital and working capital

fixed capital is like machines and buildings and working capital is raw material and money in hand. then human capital is putting all these three factors of production togather