Every production is organized by combining land, labor, physical capital, and entrepreneur called the ____.

see full answer

Your Exam Success, Personally Taken Care Of

1:1 expert mentors customize learning to your strength and weaknesses – so you score higher in school , IIT JEE and NEET entrance exams.

An Intiative by Sri Chaitanya

(Unlock A.I Detailed Solution for FREE)

Best Courses for You

JEE

NEET

Foundation JEE

Foundation NEET

CBSE

Detailed Solution

Every production is organised by combining land, labour, physical capital, and entrepreneur called the factors of production.
Land: Land is essential for setting up offices, factories, and buildings for production and also is required for cultivating food.
Labour: Labour is the factor that does the physical exercise for production and is paid in wages.
Physical capital: It consists of resources required for production. Fixed capital includes tools, machinery, and buildings. The working capital includes raw materials and money on hand required for production.
Entrepreneur: It includes trained professionals for ideas, emotional effort, and concepts.

Watch 3-min video & get full concept clarity