give a brief description on the four factors of production
Answers
... land. labour, capital, entrepreneur.....
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Factors of production
★Land
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. Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land. Cultivation of crops on land by farmers increases its value and utility.
★Capital
Capital includes the buildings, tools and machines that employees use to make goods and services.
★Entrepreneur
An entrepreneur finds ways to combine the other factors of production – land, labor and capital – to produce a product and make a profit. The most successful ones are the innovators who create new products to bring to consumers.
★Labor
Labor is a flexible resource. Workers can be allocated to different sectors of the economy for the most productive output.
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