Question

What is Conclusion on factors of production ?

Answer 1

Any company uses the factors of production to produce goods and services not just to increase the production but as the basic form. These are the most crucial means for any business to operate. The factors of production include land, labor, and capital. However, some scholars incorporate enterprise - entrepreneurship - as a 4th factor because he is the one who tales all the risk involved in the business while many other scholars do not agree to this view. But overall, including enterprenuer there are four factors of production.

Answer 2

Conclusion on factors of Production:

Land, labors, capital, and entrepreneurship are the major factors of production.

Factors of production is that term of economics which are described as inputs are required to produce goods and services with an objective of making an economic profit. This also includes the optimization of the resources in order to receive efficiency and efficacy while the production process.  

• Land it can be of commercial land or real estate which are used for production.

• Labor is that asset which manages other non-living assets.

• Capital means financial assets by which all assets can be purchased.

• Entrepreneurship combines all other factors of production.