Question

which are the factors of production ? explain them​

Answer 1

Answer:

Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Answer 2

Factors of production

Explanation:

1. Capital: Before starting any production process, capital is required. Capital can be defined as the sum of money which is invested in the business initially.
2. Entrepreneur: An entrepreneur with creative and innovative ideas is required to turn any productive process successful. Without an entrepreneur, things cannot be planned properly.
3. Labor: Labor is required to keep a check over the process. Some processes are completely manual and cannot be done using machines which makes labor a very important requirement.
4. Land: Land is required to set up the machinery and other required resources for the production process. Without land, no production can be done.