Define the factors of production

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Define the factors of production

Posted by Rp Cartoonist 5 years, 3 months ago

CBSE > Class 09 > Social Science

2 answers

Rp Cartoonist 5 years, 3 months ago

Every production is organised by combining land, labour, physical capital and human capital , which are known as factors of production

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Meghna Thapar 5 years, 3 months ago

Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. 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. Today, capital and labor remain the two primary inputs for the productive processes and the generation of profits by a business.

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