Question

what is production ? name and verify explain different factor of production

Answer 1

The utilized amounts of the various inputs determine the quantity of output according to the relationship is called the productionfunction. There are three basic resources or factors of production: land, labour and capital. ... Entrepreneurship is also sometimes considered a factor of production.

Answer 2

“Production is the organised activity of transforming resources into finished products in the form of goods and services; the objective of production is to satisfy the demand for such transformed resources”.The factors of production include land, labor, capital and entrepreneurship.

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