WORLD HISTORY

Detailed explanation-1: -Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-2: -Land: It is a free gift of nature and it is called as a natural, original or primary factor of production. 2. Labour: Person or people engaged in some physical work form the labour force which is a factor of production. 3. Capital: It means wealth, money or income which is invested in a business to boost production.

Detailed explanation-3: -When economists refer to capital, they are referring to the assets-physical tools, plants, and equipment-that allow for increased work productivity. Capital comprises one of the four major factors of production, the others being land, labor, and entrepreneurship.