Question

What is production and what are the different factors of production.explain in 60 words​

Answer 1

Answer:

The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. The factors of production are land, labor, capital, and entrepreneurship. To put it in different terms, the factors of production are the inputs needed for supply.

BTS ARMY

Explanation:

These include any resource needed for the creation of a good or service. The factors of production typically include land, labor, capital, entrepreneurship, and the state of technological progress.