Is/are also called factors of production since they are transformed into output during the production process?

1 answer:

6 0

Land, labor, entrepreneurship and capital are called factors of production since they are transformed into output during the production process.

Factors of production are needed for the production of goods or a service.

Land as a factor of production include the every type of land and the various goods received from it such as oil, gold etc. It can be agricultural land to any real estate commercial land.

While defining labor as factor of production we use their potential to work.

Capital includes money used for performing various functions of production. It is the primary driver of the production.

Entrepreneurship is that element which combines all other factors of production to form a single product or service.

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