316
Question
There are _____ factors required for production of goods and services.
There are _____ factors required for production of goods and services.
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Solution
The correct option is B four
Four factors of production
are Land, Labour, Capital and Entrepreneurship.
1. Land: A
physical entity where the production takes place. It therefore includes all
resources present on it like timber, oil, water, livestock etc.
2. Labour:
It includes all the people who are involved in transforming resources into useful
goods and services that can be purchased.
3. Capital:
It can be monetary fund that is used to buy resources for the production of
goods and services. Capital can also mean physical assets like buildings,
vehicles, machinery, etc.
4. Entrepreneur: He/she usually have the idea of transforming resources into valuable
products and also know the risks involved.
Four factors of production are Land, Labour, Capital and Entrepreneurship.
1. Land: A physical entity where the production takes place. It therefore includes all resources present on it like timber, oil, water, livestock etc.
2. Labour: It includes all the people who are involved in transforming resources into useful goods and services that can be purchased.
3. Capital: It can be monetary fund that is used to buy resources for the production of goods and services. Capital can also mean physical assets like buildings, vehicles, machinery, etc.
4. Entrepreneur: He/she usually have the idea of transforming resources into valuable products and also know the risks involved.
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