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What do you understand by the term production. Explain any four factors of production.

      

What do you understand by the term production. Explain any four factors of
production.

  

Answers


sharon
Production refers to the process of creating finished goods from raw materials to satisfy
human wants.
Factors of production.
Land: Includes all natural resources that are given to man free of charge eg soil, water, forest
etc paid rent.
Labour: Physical and mental human effort employed in the process of production eg. Teacher,
manager, etc paid wages
Capital: Man made goods that assist in the process of production increases productivity of
land and labour. Eg machinery paid interest.
Enterpreneurship: Ability to organise other factors of production in appropriate proportions for
effective production. Paid profit.
sharon kalunda answered the question on March 4, 2019 at 13:13


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