Question

You want to establish a carpentry shop. What factors of production would you require for this business and why?

Answer 1

In order to establish a carpentry shop I will need all the four factors of production.

Land: In order to set up a shop I will need some land on which I can build my shop. I can use the land as an open work place also.

Labor: I will need some men to help me in cutting the wood and in making things out of it.

Capital: I need capital to set up the basic structure of the shop, the implements and wood.

Entrepreneurship: I will need this ability to start and grow my business.

Answer 2

Answer:

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