what r the factors of business?
Answers
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 land. Cultivation of crops on land by farmers increases its value and utility.
While land is an essential component of most ventures, its importance can diminish or increase based on industry. For example, a technology company can easily begin operations with zero investment in land. On the other hand, land is the most significant investment for a real estate venture.
Labor
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. Within the software industry, labor refers to the work done by project managers and developers in building the final product. Even an artist involved in making art, whether it is a painting or a symphony, is considered labor.
Capital
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.
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.
Entrepreneurship
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. (FB). Mark Zuckerberg assumed risk for the success or failure of his social media network when he began allocating time from his daily schedule towards that activity. At the time that he coded the minimum viable product himself, Zuckerberg’s labor was the only factor of production.
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Factors are:
Land
Labour
Organization
Capital
Man power
Transport
Govt. policies
...
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