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But do you have any knowledge about production, do you know the 4 factors of production?
Factors of production (Story of Village Palampur)
No...what are those?
Hey Rahul, I left my job to start my own factory
. First Factor for production is Land this is one of the most important factors for production. you also need land to setup your factory and you need to pay rent as its factor payment. have you thought about from where to get the land ?
So, let me explain to you
NO, I haven't thought about it .
Second is labour. you need some workers to run the factory and you have to pay them daily wages.
Ohhh yes, I need to arrange the labour too.
Third is Capital, It is the amount invested in the business, you need factory tools, machines and money in form of capital.
But, you have to
Hmm, it is little difficult to arrange all of them
The most important one, the Entrepreneur. Which is you and you will get profit from running the factory.
wow nice, this is one of the only things I have.
Now, what is the last one?
So now I hope you understood the factors of production. You will surely be able to start and run the factory. All the best!!!!
thank you so much for telling me all this. Now I will start the factory with the knowledge of factors of production.

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