Question

What is production? What are the four main factors of production?​

Answer 1

Answer:

Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

Answer 2

$\mathfrak{\huge{\red{\underline{\underline{Question 彡}}}}}$

What is production? What are the four main factors of production?

$\mathfrak{\huge{\red{\underline{\underline{Answer 彡}}}}}$

Production

Production is a process of combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (output). It is the act of creating an output, a good or service which has value and contributes to the utility of individuals. ... public production.

The four production factors are:

• Physical Capital
• Land
• Human Capital
• Labour

The most significant element in production is human capital, since it incorporates land, labour and physical capital and generates an output either for self-consumption or for sale. It involves a nation’s qualified and unskilled labour force.

$\huge\rm{\purple{\underline{\underline{XxDangerousQueenxX}}}}$