Social Sciences, asked by jsnandha85, 2 months ago

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

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Answered by venkatreddygopireddy

0

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.

Answered by XxDangerousQueenxX

7

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

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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.

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