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Explain different factor of production​

User Grocker
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Factors of production are the resources people use to produce goods and services.

The factors of production is divided into four categories.

  • Land

The land is an important factor for cultivation. As vast as tge land will be, the production will be more because large land provide multiple cropping etc.

  • Labour

Unskilled, Semi - Skilled and Skilled labours are main factors. There is aboundance of labour in nature.

  • Capital

For starting up any business you need money to invest. This is what we mean by capital.

  • Human Capital

Last but not the least, most important capital amongst all is Human Capital because to arrange all these things we need a human to arrange in a specific way.

User Jake Shorty
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