Question

Write about four factors of production in brief

Answer 1

Land

In its simplest form, land is the physical place where economic activity takes place. In our lemonade stand example, it could be the patch of lawn in front of your house. However, land also includes all the natural resources found on it. Labor

It seems obvious, but things can't be produced unless someone makes them. Your lemonade won't make itself, and it won't sell itself if you aren't there to do it. Therefore, another important factor of production is labor. Labor represents all of the people that are available to transform resources into goods or services that can be purchased. Capital

Perhaps to get your lemonade stand up and running, you also needed money to make signs to advertise your delicious drink. You may also have used a small table to set up your pitcher and cups. Both of these things - money and equipment - are considered capital Entrepreneurship Drives Business

Entrepreneurship is the driving force behind the creation of a business. An entrepreneur finds ways to combine the other factors of production – land, labor and capital – to produce a product and make a profit. The most successful ones are the innovators who create new products to bring to consumers.

Answer 2

Here u go,

There are four factors of production:

Land:

Land is a basic factor of production without land everything is useless.land includes all natural resources like soil,mountain,plain

Etc.Land is a passive factor of production as it cannot produce anything by itself.

Labour:

Labour is mobile factor of production it can move from one place to another.By labour we mean physical or mental work which is done in the view of earning income.

Capital:

Capital is a produced means of production. It is most important factor of production.without capital other factors of production are useless.

Entrepreneur:

There should be some one to organise all factors of production i.e land,labour,capital

He is the risk bearer.he bears the risk of his business.he hires the top level management for his business. His aim is to maximise the profit....

Plz mark as brainliest answer.i have written in very simple language for easy understanding and learning.hope it helps u