Factors of Production — Social Studies STD 8 — Question
CBSE BoardEnglish MediumSTD 8Social StudiesFactors of Production2 Marks
Question
What are the factors of production?
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Answer
The process of manufacturing a product or creating a service, demands certain raw materials and resources. The products are made by processing and transforming these materials into final outputs. These raw materials or resources, used in production process, are known as the factors of the production.
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