GENERAL GEOLOGY

Detailed explanation-1: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The first factor of production is land, but this includes any natural resource used to produce goods and services.

Detailed explanation-2: -Economists define four factors of production: land, labor, capital and entrepreneurship.

Detailed explanation-3: -Factors of production is an economic concept that refers to the inputs needed to produce goods and services. The factors are land, labor, capital, and entrepreneurship. The four factors consist of resources required to create a good or service, which is measured by a country’s gross domestic product (GDP).

Detailed explanation-4: -Land comes under passive factors whereas labour comes under active factors. It is the labour that is required to get the product into the market. Land and Labour are called primary elements among the four factors of production. In economics, capital refers to money.

Detailed explanation-5: -Land as a factor of production. As a factor of production, land can take on various forms-from raw property to commercial real estate. Labor as a factor of production. Capital as a factor of production. Entrepreneurship as a factor of production. 03-Feb-2023