Question

which factor is considered most important factor for production

Answer 1

how to produce
what to produce
for whom to produce

Answer 2

Answer:

The important factors of the production process are the land, labour and the capital resources.

Explanation:

• Land as a factor of production is can take various forms of production and the land itself is a scarce resource. Natural resources like oil, gold, and other stuff can be produced from it and hence is also a valuable resource for the growth of the agricultural resource.

• The labor as a resource of production is a valuable asset as the goods and services require the labor to perform the tasks and hence their skilled and semi-skilled nature is an important factor that draws out the production.

• Capital as a source of production is indirectly involved in the production in the form of the personal and the private capital of the firms.  Examples of China and the U.S have capitalized economies that produce profits by the functioning of the automation and the technology.