Q. 4

Mention the name of factors of production.

Answer :

There are four means of production: Land, labour, capital and Entrepreneur.

Production factors are the essential components to be required for production. The land is required to carry out production, it can be agricultural land in farming, office space, or factory. Labour is the skilled or unskilled people carry out the production, capital is the money or knowledge expertise required for production and entrepreneur is the person who takes the risk to start production.


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