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Explain the four factors of production
Asked by pdk221188 | 28 Apr, 2020, 10:01: AM
answered-by-expert Expert Answer

The four Factors of production:

1. Land:

 It is defined so as to include not only the surface of the Earth but also all the other gifts of nature such as minerals, natural resources etc.

2. Labour:

Labour consists of all human efforts of the body or mind which are undertaken in the expectation of reward.

3. Capital: 

Capital is known as the produced means of production. First, it is created by man and is not a gift of nature. Second, it is a means of production and used as an input in producing other goods. Such type of goods is not directly consumed. 

4. Human Capital:

A human capital is a person who carries the risk of business and coordinates the activities of all the other factors of production.

Answered by Christina | 28 Apr, 2020, 11:41: AM

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