Answer:
There are three main factors of production: (a) The first factor is land and other natural resources such as water, forests and minerals. (b) The second factor is labour, i.e., people who carry out the work for production. Labour is needed for both manual work and highly skilled tasks. (c) The third factor is capital. Variety of inputs arc required for production. Fixed capital such as tools, machines, buildings etc. and working capital, raw materials (yarn, clay, etc.) and money to buy required items.
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