Which factor of production do you …

CBSE, JEE, NEET, CUET
Question Bank, Mock Tests, Exam Papers
NCERT Solutions, Sample Papers, Notes, Videos
Posted by Rajeev Kumar 5 years, 2 months ago
- 1 answers
Related Questions
Posted by Parmila Sharma 3 months, 2 weeks ago
- 0 answers
Posted by Parmila Sharma 4 months, 3 weeks ago
- 0 answers
Posted by Lohith Raj 1 year, 4 months ago
- 0 answers
Posted by Priyanshi Jain 1 year, 4 months ago
- 0 answers
Posted by Anamika Sah 1 year, 3 months ago
- 0 answers
Posted by Shriyanshi Agarwal 1 year, 4 months ago
- 0 answers
Posted by Uday Bhan Singh 1 year, 4 months ago
- 1 answers
Posted by Sahil Prasad 1 year, 4 months ago
- 0 answers
Posted by V.Hemavardhan Hemavardhan 4 months, 2 weeks ago
- 0 answers

myCBSEguide
Trusted by 1 Crore+ Students

Test Generator
Create papers online. It's FREE.

CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
myCBSEguide
Yogita Ingle 5 years, 2 months ago
Factors which are used to carry out the process of production are called factors of production. In the modern economy, economists classified these factors into two categories. They are land and labour, as capital is created by the application of labour on land and an entrepreneur is the human resource who performs and controls the business. Therefore, land and labour are the primary factors of production, whereas capital and the human capital are the secondary factors of production.
The characteristics of the factors of production are as follows:
Factors of production:
Land:
It is defined so as to include not only the surface of the Earth but also all the other gifts of nature.
Labour:
Labour consists of all human efforts of the body or mind which are undertaken in the expectation of reward.
Capital:
Capital is known as the produced means of production. First, it is created by man and is not a gift of nature. Second, it is a means of production and used as an input in producing other goods. Such type of goods is not directly consumed.
Human Capital:
A human capital is a person who carries the risk of business and coordinates the activities of all the other factors of production.
Out of all the four factors of production, human capital is considered the best among all the resources. This is because it makes use of the other resources like land, labour and physical capital to produce an output while the other resources cannot become useful on their own.
2Thank You