Question

what is the aim of production? describe different factor of production.​

Answer 1

The aim of production is to produce the goods and services to generate wealth that we want for ourselves. There are four requirements needed for the production of goods and services. These are described as follows. Land is fixed and immobile in nature.

Answer 2

The aim of production is to produce the goods and services that we want.

The different factors of production are: Land, labour, physical capital and human capital