What is the Factor of Production?
Factors of production such as land, labour, physical capital, and human capital are responsible for every production. The land is required for the set up of the machinery, Labour will do the work, and Physical capital will enable to buy the items like tools, machines, etc.
Labour is the most abundant factor of production as people are migrating from one place to another in search of opportunities. People now have started entering the non-farm sector in the village which is not a very large sector.