Question

List and the four factors of production.​

Answer 1

The four factors of production are land, labor, capital and entrepreneurship.

Step-by-step explanation:

Land is related to natural resoucers available for production.

Labor refers to the human input into the production process.

Capital refers to goods used in the supply of other products.

Entrepreneurship refers to the capacity that people have to create new businesses or companies or having new ideas for improving the current business thus creating a better output for a company.

Answer 2

Answer and explanation:

Factors of production is an economic term that defines the general inputs used to produce profitable goods and services. The factors of production are composed of:

• Land: land itself, and the ground raw materials.
• Labor: workers doing both physical and mental tasks to keep a company going.
• Capital: refers to the buildings, machinery, and tools used in the process of manufacturing, including social and intellectual property.
• Management: provides creativity and innovation in the use of certain factors which help to build a successful company.