Question

What is meant by production? Explain the four factors of production.​

Answer 1

Answer:

The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.The factors of production are the inputs used to produce a good or service in order to produce income.

Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy. How these factors are combined determines the success or failure of the outcome.

"The four factors of production are needed in an efficient market to provide goods and services at an affordable price at the right time, place and mix," says Bob Castaneda, program director for Walden University's Master of Science in Finance. "Missing the calibration of these factors can be disastrous for the supplier and consumer." The supplier may face higher costs of production, forcing them to charge a higher price to the consumer or risk going out of business.

Explanation:

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