WORLD HISTORY

Detailed explanation-1: -The factors of production are an important economic concept outlining the elements needed to produce a good or service for sale. They are commonly broken down into four elements: land, labor, capital, and entrepreneurship.

Detailed explanation-2: -Another major reason why the Industrial Revolution began in Great Britain was that it had an abundant supply of what economists call the three “factors of production". These factors of production are land, labor, and capital.

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: -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.

Detailed explanation-5: -The factors of production in an economy are its labor, capital, and natural resources. Labor is the human effort that can be applied to the production of goods and services. People who are employed or would like to be are considered part of the labor available to the economy.

Detailed explanation-6: -The economic inputs used to make a profit are called factors of production. According to traditional economic theory, there are four main factors of production: land, labor, capital, and entrepreneurship.