Question

what is production? explain factor production​

Answer 1

Answer:

Production is the process of making, harvesting or creating something or the amount of something that was made or harvested.

Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy.

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Explanation:

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Answer 2

Answer:

Production is the action of making or manufacturing from components or raw materials, or the process of being so manufactured.

The factors of production are :-

1. land
2. labour
3. physical capital (working capital)
4. human capital

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