Heya❤ What are the factors of production?
Answers
Factors Of Production - Investopedia Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production include land, labor, capital, and entrepreneurship.
Factors of production..
⭐ land.
⭐labor.
⭐capital.
⭐entrepreneurship.
↪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.
↪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.
↪As a factor of production, capital refers to the purchase of goods made with money in production. For example, a tractor purchased for farming is capital. Along the same lines, desks and chairs used in an office are also capital. It is important to distinguish personal and private capital in factors of production.
↪Entrepreneurship is the secret sauce that combines all the other factors of production into a product or service for the consumer market.
..Hope it helps you..