Question

what are the main factors of production?​

Answer 1

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Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

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Answer 2

In Microeconomics or Production Economics,the 4 main factors of production can be classified as  land,labor,capital or physical factors or inputs of production and entrepreneurship.

Explanation:

Various factors of production:-

1. Land: Land is basically a natural resource or a gift of nature which is finite and fixed in geographical or physical size or area.It can be used by business owners,commercial producers,firms and companies for various commercial purposes such as building a production factory or plant for production process,setting up office building for commercial or business operation,agricultural production and so on.The geographical size or area of the land cannot be extended or changed manually as it is a finite and fixed natural resource or endowment.
2. Labor: In the production process,labor basically constitutes the human labor or work force which are used or utilized in various industries for the production of different goods and services.Labor or workforce in the economy can comprise of both the manual labor work such as in most of the industrial or manufacturing sectors as well human services,skills,knowledge,expertise etc. that are used in the production and sale of various goods and services in the economy.
3. Capital:Capital or physical inputs or tools of production consist of various physical tools,machinery,equipment,nuts and bolts that mainly assist the labor or work force in the production process.
4. Entrepreneurship: Entrepreneurship comprise of business ideas and innovations that can eventually mobilize all the other three factors of production in the economy.It involves human brain and business planning which can lead to the establishment of independent formal business organisation and enterprises which can optimally and efficiently employ and mobilize the various essential factors or inputs of production to produce various goods and services in the economy and most importantly,contribute to the overall economic growth of any country.Hence,entrepreneurship is often considered as the most important factor of production.