Classify the factors of production?

1.	Classify the factors of production?
Answer» 1. Land 2. Labour 3. Capital and 4. Organisation 1. Land: In Economics, land means all gifts of Nature owned and controlled by human beings which yield an income. 2. Labour: Labour means manual labour or unskilled work. 3. Capital: “Capital consists of all kinds of wealth other than free gifts of nature, which yield income”. Bohm – Bawerk defines it as ‘a produced means of production’. 4. Organisation: The man behind organizing the business is called as ‘Organizer’ or ‘Entrepreneur’.

Answer»

1. Land

2. Labour

3. Capital and

4. Organisation

1. Land: In Economics, land means all gifts of Nature owned and controlled by human beings which yield an income.

2. Labour: Labour means manual labour or unskilled work.

3. Capital: “Capital consists of all kinds of wealth other than free gifts of nature, which yield income”. Bohm – Bawerk defines it as ‘a produced means of production’.

4. Organisation: The man behind organizing the business is called as ‘Organizer’ or ‘Entrepreneur’.

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