what are the factors of production ?write about each in shot?
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The factors of production are Land, Labour and Capital. Land refers to the resources such as raw materials (eg. soil, water, fertilizer, factory etc.) and is considered as input. Labour refers to human labour such as employees, labourers and their related costs like salaries,wages etc. Capital refers to the investment of money in the business.
Here is ur answer
The factors of production are Land, Labour and Capital. Land refers to the resources such as raw materials (eg. soil, water, fertilizer, factory etc.) and is considered as input. Labour refers to human labour such as employees, labourers and their related costs like salaries,wages etc. Capital refers to the investment of money in the business.
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