discussing the factors of production

1. FACTORS OF PRODUCTION
BY:

4.  Meaning-
 Basic factors of production
land
labour
capital
entrepreneurship

5. “The materials and the forces which nature gives free
for man’s aid, in land and water and in air, light and
heat”
-Marshal
LAND

6. Characteristics
Free gift of nature Limited supply
Immobile Alternative uses
Site or location
value
Primary
factor of
production

7. In economics labour is defined as – “ economic activity of
men with HEAD and HAND”.
According to marshall – “ any exertion of mind or
body undergone partly or wholly with a view to
some goods other than the pleasure derived directly
from the work is called labour”.

8. Characteristics of labour
Inseparable
fromlabourer
Inelastic
supply of
labour
Labouris
perishable
Lessmobility
oflabour
Difference in
the efficiency
of labour
Increaseinwages
mayreducethe
supplyoflabour

9. BY: HARSHIT MANGLA(08)
SHIVAM SHARMA(32)