write about any one factor of production
Answers
Answer:
The factors of production are land, labor, capital, and entrepreneurship. They are the inputs needed for supply. Mainly, the factors of production consist of any resource that is used in the creation of a good or service. ... Sometimes the type of economic system decides the ownership of the factors of production.
Answer:
Factors Of Production
The Basics of Factors of Production
The modern definition of factors of production is primarily derived from a neoclassical view of economics. It amalgamates past approaches to economic theory, such as the concept of labor as a factor of production from socialism, into a single definition.
Land, labor, and capital as factors of production were originally identified by the early political economists such as Adam Smith, David Ricardo, and Karl Marx.
Explanation:
Factors Of Production
Land as a Factor
Land has a broad definition as a factor of production and can take on various forms, from agricultural land to commercial real estate to the resources available from a particular piece of land. Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land. Cultivation of crops on land by farmers increases its value and utility. For a group of early French economists called the physiocrats who pre-dated the classical political economists, the land was responsible for generating economic value.