Question

List and explain the four factors of production ,stating their reward.​

Answer 1

Land - the natural resources available to be utilized in the production of goods and services

Labor - those available working bodies to create whatever is needed

Capital - the goods available to be utilized in the creation of something else (sometimes monetary)

Entrepreneurship - the willingness of a company’s employees to produce new products and companies, and those within a company to come up with innovative ideas

Step-by-step explanation:

Answer 2

Step-by-step explanation:

Production in itself is the conversion of inputs to outputs.

Factors of production are the resources that make this conversion of input to outputs possible. These include;

Labour- is the physical and mental effort contributed. It is rewarded by wages or salaries.

Land - includes the soil itself, natural trees, raw materials like minerals and oil found underneath. Its reward is rent.

Capital - includes machinery, chemicals and equipment (tractors, robots). Its reward is interest.

Entrepreneurship- is the drive to develop an idea, take risks and use the other three factors of production to produce goods or services. Its reward is profit.