What are the four factors of production?

see full answer

Talk to JEE/NEET 2025 Toppers - Learn What Actually Works!

Real Strategies. Real People. Real Success Stories - Just 1 call away

An Intiative by Sri Chaitanya

Land, labor

Capital

Entrepreneur

All of the above

answer is D.

(Unlock A.I Detailed Solution for FREE)

Ready to Test Your Skills?

Check your Performance Today with our Free Mock Test used by Toppers!

Take Free Test

Detailed Solution

There are majorly four factors of production which are essential for producing goods and services. Primarily, the land is the most critical factor because it is a gift of nature. It is used for growing crops and building industries on it. The second will be the labor that produces goods and is the second most important factor. Labors help in the production process; in return, they are provided with employment and wages/salaries. Different activities need workers, such as casual, educated, and skilled. Capital is the third most important factor. It is of two types, i.e., physical and human. Physical requires machinery and buildings, which fall under fixed capital, while human comprises the knowledge needed to put all these together. An entrepreneur is a person who is taking this risk to build his business and invest in it.

Watch 3-min video & get full concept clarity

Result Producing online coaching for JEE/NEET of south India

Largest All India Test Series for JEE/NEET

Best Books for IIT JEE

Best Books for NEET

How to Join IIT after 10th