ANSWER. Land, Labour, and Capital are the main factors of production. The entrepreneur is the one that combines these factors in the correct proportion and mobilizes them.
What is entrepreneurship in factors of production?
An entrepreneur is a person who combines the other factors of production – land, labor, and capital – to earn a profit. The most successful entrepreneurs are innovators who find new ways produce goods and services or who develop new goods and services to bring to market.
What is the most important factor for production?
Human capital is the most important factor of production because it puts together land, labour and physical Capital and produce an output either to use for self consumption or to sell in the market.
What are the 4 factors of production entrepreneurship?
The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These can be considered the building blocks of an economy.
Which of the following are factors of production?
There are four factors of production—land, labor, capital, and entrepreneurship.
Which is the most important factor and why?
Answer: Human capital is the most important factor of production because of the following reasons: (i) Gifted with life and reasoning power, humans can make use of the land, labour and physical capital.
What is one of the most important factor required for production activities?
Answer: the most important factor for the production is capital and economic value …..
Which factor of production is the most superior and why?
Human Capital is one of the most important factors of production because of the following reasons :
- All other factors of production are created by human capital and depends upon it.
- It is the human capital which channelize the other factors of production and improves them as well.
What are the 3 factors of production?
The productive factors are commonly classified into three groups: land, labour, and capital.
What are the 5 factors of production?
Terms in this set (5)
- Land. Land and other natural resources are used to make homes, cars and other products. ( …
- Labor. People have always been an important resource in producing goods and services, but many people are now being replaced by technology. ( …
- Capital. …
- Entrepreneurship. …
- Knowledge.
Why are the 4 factors of production important?
The factors of production are land, labor, capital, and entrepreneurship, which are seamlessly interwoven together to create economic growth. Improved economic growth raises the standard of living by lowering production costs and increasing wages.
What is the most important factor of production Why quizlet?
What is the most important factor of production? Why? Entrepreneurship is most important because it directs, organizes, and plans the production process.
What are the 4 factors of production and give an example of each quizlet?
Land, labor, and capital resources, and entrepreneur; the four basic resources that are combined to create useful goods and services.
What are the factors of production in business quizlet?
The factors of production include land, labor, capital and entrepreneurship.