Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
Economics
See lessEconomics
Production refers to the process of making or manufacturing goods from raw material or inputs in order to create an output which is fit for consumption. The 4 factors of production are Land, Labour, Capita resource and entrepreneur. LAND: It is a natural resource on which the production process hapRead more
Production refers to the process of making or manufacturing goods from raw material or inputs in order to create an output which is fit for consumption.
The 4 factors of production are Land, Labour, Capita resource and entrepreneur.
- LAND: It is a natural resource on which the production process happens. Quality of land, ownership, fertility are some of the examples of how land is used as a factor in production.
- LABOUR: It refers to the effort that people contribute to the production of goods and services. Work of a painter, architect, Construction worker, chef etc are all examples of labour.
- CAPITAL: It refers to the assets or physical tools like plants and equipment that contributes to increased productivity. Hammers, tractors, assembly belts, computers, trucks etc are some examples of capital goods.
- ENTREPRENEUR: It is a combination of the other three factors. They use land, labor, and capital in order to produce a good or service for consumers. Business, franchise etc are some examples of entrepreneurship.
See less