Resources needed to provide goods or services are called factors of production
<h2>Further Explanation:
</h2><h3>Factors of reproduction </h3>
- Factors of reproduction are inputs or resources that are used in the generation of goods and services with an aim of making profit.
- There are four main factors of production which include;
- Land
- Labor
- Capital
- Entrepreneurship
<h3>Land </h3>
- This refers to all the natural resources that are available to be used in the production of goods.
- These natural resources includes raw materials from the ground, non-renewable resources such as petroleum and renewable resources such as timber.
- The income or reward earned from land as a factor of production is rent.
<h3>Labor </h3>
- This refers to the manpower or work done by human beings.
- The value of labor depends on the skills, education and motivation of workers.
- The reward for labor as a factor of production is wages and salaries.
<h3>Capital </h3>
- This refers to the capital goods, that is, man-made objects that are used for production of goods and services such as machinery, equipment and chemicals.
- They also include industries and commercial buildings.
- The reward or income earned from capital goods is interest
<h3>Entrepreneurship </h3>
- It involves coming up with an idea and developing it into profitable business.
- An entrepreneur is therefore an individual who combines the other factors of production to build a business and add the supply in the economy.
- The reward or income earned by entrepreneurs is profit.
Keywords: Factors of production, labor, land, capital
<h3>Learn more about
</h3>
Level: High school
Subject: Business
Topic: Factors of reproduction
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i am not hindu but i hope it's help you
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