Question & Answer » GK Questions » What are the Factors of Production? Which is the Most Important and why?

What are the Factors of Production? Which is the Most Important and why?

Here we will learn about the Factors of Production, their importance. Tap to know more in detail.

Table of Content

Question: What are the Factors of Production? Which is the Most Important and why?

Answer: The factors of production vary from industry to industry and are also affected by the economic system of an area. There are 4 types of production factors:

  1. Land
  2. Labour
  3. Human Capital
  4. Physical Capital

Among these four, the most important one is the production of the human capital as it can incorporate labor, land, and also physical capital. This can generate output for their businesses or their own.

freeliveclasses_upsc

Trending Questions

testseries_upsc
Download Sample Notes
.