Question

What is the aim of production? Explain the factors of production.​

Answer 1

Answer:

Aim of production is to provide service or goods  to people

Explanation:

There are 4 factors of production

1) Land - Land is the first factor of production along with minerals, water and forest.

2) Labor - The people who will do the work are known as labors.

There are many types of labors and each work require different types of labors.

3) Physical Capital - Money which is required during production.

There are two types of capital:-

1) Fixed capital - Tools, machines and buildings are known as fixed capital because they can be used over years.

2) Working capital - Raw materials and money in hand.

4) Human capital - Knowledge of a person.

Please mark it as brainliest

Answer 2

Answer:

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