What do you mean by factors of production? What are four requirements for production of goods and services?
Answers
Anything that helps in production is the factor of production. These are the various factors by mean any resource is transformed into a more useful commodity or service.
They are the inputs for the process of production. They are the starting point of the production process. Factors of production are the parameters which affect the output of production.
Resources required for generation of goods or services, generally classified into four major groups: Land (including all natural resources), Labor (including all human resources), Capital (including all man-made resources), and. Enterprise (which brings all the previous resources together for production).
The four requirements of production of goods and services are land, labor, physical capital and human capital. Land is the physical place where all the economic activity takes place. Land plays an important part in production because land itself and the resources on it are usually limited.
ᴀɴsᴡᴇʀ:
- Land
- Labour
- Physical capital
- Human capital
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