From the factors of production, which one is the engine behind production process
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Explanation:
land labour and money is the factors of production and production process
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Entrepreneurship is considered as the engine that drives the factor of production. In economics,the factors of production ate Capital, labor, land, and entrepreneurship.
Explanation:
- Capital is the physical or technical inputs and assets that is required in order to drive the production process such as machinery, tools,and resources.
- Labor is the manpower or the workforce used by the firm in order to utilize the factors of production and to operate the tools, machinery, and equipment.
- Land is a geographical or physical area where the production activity takes place.
- Entrepreneurship is the firm initiative which mobilizes, combines, and financially manipulates all the above factors of production to ensure effective manufacturing and efficient production of goods and services. Hence, it is considered as the engine that drives the factor of production.
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The factors of production
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