10.5k views
1 vote
What are the factors of production? Give an example of each?

1 Answer

2 votes

1)land /natural resources, example : water, oil, copper, natural gas, coal, and forests

2)labor , examples:involves any human input. workforce’s skills, education, and motivation.

3) capital: examples of capital include hammers, forklifts, conveyor belts, computers, and delivery vans

4) entrepreneurship , example: an example of entrepreneur is one who hires the other three factors, brings them together, organises and coordinates them so as to earn maximum profit

User Prine
by
8.6k points

No related questions found