Question

What are the main factors of production?explain each one of them.

Answer 1

Answer:

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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. This includes not just land, but anything that comes from the land.

Answer 2

Answer:

(Land ,labour, capital and Entrepreneur )

Explanation:

• Land: where the following business established, for that rent is to be given
• Labour: where a group of people intend to work , for that wages and salaries is to be given
• Capital : where a amount of money is put into business , for that interest is to be given
• Entrepreneur: where we earn ,for that profit is to given