Question

What are the various factors of production? Explain in brief

Answer 1

Answer:

The various factors of production are:

1. Land includes all those free gifts of nature such as agriculture land, forest, mineral, etc.

2. Labour is the human effort both physical or mental involved in the process of production.

3. Capital is defined as those man made or produced means of production which are used to produce other valuable goods and services in future.

4. Entrepreneur is the one who organinses production takes important decision regarding production and bears the risk and uncertainty involved in production.

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Answer 2

Answer:

Factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services. The utilized amounts of the various inputs determine the quantity of output according to the relationship called the production function.

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