CAN YOU HELP ME TO EXPLAIN THIS IN DETAIL name the 4 factors of production and explain them in detail. SOMEONE PLZ ANSWER BECAUSE TODAY IS THE LAST DATE FOR SUBMITTING THIS. [ sorry it is economics )
Answers
Answer:
Land as a Factor
Land has a broad definition as a factor of production and can take on various forms, from agricultural land to commercial real estate to the resources available from a particular piece of land.
Labor as a Factor
Labor refers to the effort expended by an individual to bring a product or service to the market. Again, it can take on various forms. For example, the construction worker at a hotel site is part of labor as is the waiter who serves guests or the receptionist who enrolls them into the hotel.
Capital as a Factor
In economics, capital typically refers to money. But money is not a factor of production because it is not directly involved in producing a good or service. Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or pay wages.
Entrepreneurship as a Factor
Entrepreneurship is the secret sauce that combines all the other factors of production into a product or service for the consumer market. An example of entrepreneurship is the evolution of social media behemoth Facebook Inc.
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