Factors of production: In this article we

In this article we will discuss about Factors of Production . After reading this article you will learn about: 1. Classification of Factors of Production 2. Importance of Factors of Production . Classification of Factors of Production : A factor of production may be defined as that good or service which is required for production . A factor of production is indispensable for production because without it no production is possible. It is customary to attribute the process of production to three ... Factors of Production – Meaning, Types, and Features What are the Factors of Production ? Factors of production in economics refer to the inputs one needs to make or produce a good or service. For any investor or business, it is very important to know the factors of production , as those who control these factors usually command more wealth. Learn what factors of production are and how they contribute to the production of goods and services in an economy. Explore the four common factors (land, capital, labor, and entrepreneurship) and their characteristics, examples, and ownership. The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. The factors of production are land, labor, capital, and entrepreneurship. To put it in different terms, the factors of production are the inputs needed for supply. Mainly, the factors of production consist of any resource that is used in the creation of a good or service. Since these factors are limited by nature, and human wants are unlimited, we, as a ...