Question

Prompt
What are the factors of production? Government online class !?!

Answer 1

There are 4 factors of production.

Explanation:

1. Land factor:

• Land is the most important factor to fetching revenues for the country.
• Example: Natural resources oil, gas, etc are taken out from the land
• The various forms of land starts from agriculture to real-estate

2. Labor as factor

• It is the effect taken by individual to create, sale and manage product.
• It covers individual right from the workers of the building to the manager of the organization.

3. Capital as factor

• It is the indirect component
• It is the base for buying raw materials, process and create product

4. Entrepreneurship as a Factor

• A secret ingredient of factors of production
• Example: Social media