Question

what is the aim of production? mention the factor of production?

Answer 1

HEY THERE............
HERE IS YOUR ANSWER............
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☜☆☞ Production is more or less a term that relates to Economics. So my answer is based on that:

There are four factors of production:

▶▶Land: Land is a natural resource that may be needed for production activities like Farming etc.
▶▶Labour: Skilled/Trained Labour or manual work labour is always required in production activities . Let us take an example of farming, In farming for sowing seeds or harvesting the crops middle or large scale farmers hire farm labourers on daily wage basis or two-time meal basis.Physical Capitial: It is of two types: a. Fixed Capital b. Working Capital
▶▶Fixed Capital is in the sort of investments like buying tools, machines, buildings that may long for years.
▶▶Working Capital is the cash in hand for buying the raw materials, for buying the inputs , for paying salary to the workers etc.
▶▶Human Capital: A skilled/educated man is more productive than the unskilled/uneducated person. So investments in trainings, education etc. can make a person more productive . This sort of investment is called Human Capital.

HOPE MY ANSWER HELPS YOU.............
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