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THE FACTORS OF PRODUCTION
- Meaning of Factors of Production
- The Factors of Production
Meaning of Factors of Production
The term factor of production is defined as all the visible and invisible resources that are combined together for the purpose of production of goods and services. There are four factors of production, namely, land, labour, capital and entrepreneur or organisation.
The Factors of Production
The following are the factors of production without which production will be impossible:
(a) Land: Land refers to gift of nature or all the natural resources available, applied and used for production without the help of a man. It includes the fixed natural land and other natural resources such as water, forest, mineral deposits etc. The reward for land is rent.
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