4 Factors Of Production - State Labour Upper-Case Missive Of The Alphabet In Addition To Enterprise

What is Production Function ?

Factors of production agency inputs together with finished goods agency output. Input decides the quantity of output i.e. output depends upon input. Input is the starting request together with output is the halt request of production procedure together with such input-output human relationship is called equally "Production Function".

All factors of production similar land, labour, working capital missive of the alphabet together with entrepreneur are required altogether at a fourth dimension to hit a commodity. In economics, production agency creation or an add-on of utility.

4 Factors of Production In Economics - Meaning ↓

Factors of production refers to inputs required for conducting production. Input is the starting request of every production activity.

According to Prof. Benham, "Anything that contributes towards output is a component of production."

Mere beingness of anything doesn't larn inward a component of production simply its contribution inward production procedure is a necessary condition. Dr. Alfred Marshall described factors of production equally "Agents of Production". Cooperation with factors is essential to hit anything because production is non a project of unmarried factor.

Four Factors of Production In Economics - Chart ↓

Following nautical chart provides brief tabulated data on iv factors of production.

Land, Labour, Capital together with Entrepreneur - Articles ↓

1. Land is a Natural Factor of Production together with Features of Land.
2. What is Labour together with Labourer? Meaning together with Features of Labour.
3. What is Capital? Meaning, Features together with Types of Capital.
4. Who is Entrepreneur? Qualities / Skills of an Entrepreneur.