What are the factors of production?

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Factors of production are production, where physical capital and human capital are known as factors of production.

Human capital formation, physical capital, and human capital are known as factors of production

Both (1) and (2)

None of these.

answer is A.

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Detailed Solution

Factors of production are production, where physical capital and human capital are known as factors of production. They are the four needs for the production of products and services. The land comprises natural resources such as water, minerals, and forests. Labour includes skilled and unskilled workers. It refers to the people who do the work or the manual labourers. They can be educated or uneducated. Physical capital includes machinery, tools, raw materials, and money on hand required as inputs for production.

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