Production Factor??? Explain in example.?

Question

Hi. Please somebody explain me what's a production factor?

How can you explain me and give an example for production factor.

Thanks

Answer 1

Production factors are used to create a finished product.  The three types are land, labor and capital, with land being buildings and natural resources in addition to actual land, labor is self-explanatory, and capital is something used to make a product that does not appear in the final product.  There can be physical capital, such as drill machines or cranes, or human capital, which is the workers' education or training.

Hope that helps!