what is the 4th factor of production. state it's significance
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The four factors of production are
1. Land
2. Labour
3. Capital and
4. Entrepreneurship
___Entrepreneurship____
Entrepreneurship refers to the organization of all factors of production to profit.
Entrepreneurship as one of the for factors of production has been distinguished from labour, because, labourers cannot contribute to the entrepreneur. The labourers need to find work to contribute, and the entrepreneur makes this job available. Without the entrepreneur, all other factors of production are of little economic value. The entrepreneur thus is the one who identifies a business opportunity organizes the other factors of production, and takes responsibility for the risks associated with the success and failure of the undertaking.
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The four factors of production are
1. Land
2. Labour
3. Capital and
4. Entrepreneurship
___Entrepreneurship____
Entrepreneurship refers to the organization of all factors of production to profit.
Entrepreneurship as one of the for factors of production has been distinguished from labour, because, labourers cannot contribute to the entrepreneur. The labourers need to find work to contribute, and the entrepreneur makes this job available. Without the entrepreneur, all other factors of production are of little economic value. The entrepreneur thus is the one who identifies a business opportunity organizes the other factors of production, and takes responsibility for the risks associated with the success and failure of the undertaking.
Please do mark as brainliest and please do follow.
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