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What are the factor of production define them?
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What are the factor of production define them?
Factors of production are :-
Land:- The land is an important factor for cultivation. As vast as the land will be , the production will be more because large land provide multiple cropping etc,.
Labor:- Unskilled, Semi - Skilled and Skilled labors are main factors. There is abundance of labor in nature.
Capital:- Fir starting up any business you need money to invest. This is what we mean by capital.
Human Capital:- Last but not the least, most important capital amongst all is Human Capital because to arrange all these things we need a human to arrange in a specific way.
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What are the factor of production define them?
Land – consists of the physical land used by the business as well as the raw materials that comes from the land.
Labor – consists of all workers in a company including machinists, administrative, professionals, executives, and anyone else who works for the company.
Capital – consists of the buildings, plants, and equipment needed to produce a product or service. It can also include intellectual capital like trade secrets and special ways of producing products. Social capital can also be lumped in this category. This is a societal agreement or rule that allows the company to operate the way it does: for example a free market.
Entrepreneurship – the drive, leadership, and intellect required to use the other three factors to run a business and produce a product...
Labor – consists of all workers in a company including machinists, administrative, professionals, executives, and anyone else who works for the company.
Capital – consists of the buildings, plants, and equipment needed to produce a product or service. It can also include intellectual capital like trade secrets and special ways of producing products. Social capital can also be lumped in this category. This is a societal agreement or rule that allows the company to operate the way it does: for example a free market.
Entrepreneurship – the drive, leadership, and intellect required to use the other three factors to run a business and produce a product...
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What are the factor of production define them?
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What are the factor of production define them? for Class 9 2024 is part of Class 9 preparation. The Question and answers have been prepared according to the Class 9 exam syllabus. Information about What are the factor of production define them? covers all topics & solutions for Class 9 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What are the factor of production define them?.
What are the factor of production define them? for Class 9 2024 is part of Class 9 preparation. The Question and answers have been prepared according to the Class 9 exam syllabus. Information about What are the factor of production define them? covers all topics & solutions for Class 9 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What are the factor of production define them?.
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