Question

what is meant by production? explain each factor of production​

Answer 1

production is a process of converting raw material in finished goods.

1. the first factor is land. land is the place where the factory of the production house has to be established

2. then second factor is labour. labour is responsible for working and making raw material in finished goods

3. physical capital is the money in hand and the tools that can be used for production

4. human capital is the fourth factor of production and human capital is used to make the material more productive and help the company or the industry to grow