ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Factors of production are inputs used to produce an output, or goods and services. They are resources a company requires to attempt to generate a profit by producing goods and services. Factors of production are divided into four categories: land, labor, capital and entrepreneurship.

Detailed explanation-2: -A production function shows the relationship between inputs of capital and labor and other factors and the outputs of goods and services.

Detailed explanation-3: -Key Takeaways. Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship.

Detailed explanation-4: -production function, in economics, equation that expresses the relationship between the quantities of productive factors (such as labour and capital) used and the amount of product obtained.

Detailed explanation-5: -All of the factors of production contribute to economic growth. No product can be made without raw materials (land). Those materials can’t be extracted, refined, and transformed without people working (labor). Those people can’t accomplish their work without tools and equipment (capital).