Answer:
The four factors are :
1. Land: Land refers to all natural resources, including forests, water bodies, minerals, and agricultural land. Land is used for various purposes such as farming, mining, and construction. For example, in agriculture, land is used to grow crops and raise livestock.
2. Labor: Labor refers to the human effort, skills, and abilities involved in the production process. It includes both physical and mental work. For example, workers in a factory who assemble products or software developers who write code are examples of labor.
3. Capital: Capital refers to the man-made resources used in production, such as machinery, tools, equipment, buildings, and technology. These resources are used to enhance productivity and efficiency in the production process. For example, a manufacturing company may use machines and equipment to automate production and increase output.
4. Entrepreneurship: Entrepreneurship refers to the ability to take risks and organize and manage the other factors of production. Entrepreneurs bring together the land, labor, and capital to start and operate businesses. They identify opportunities, make decisions, and bear the risks involved in the production process. For example, an entrepreneur may start a new business by combining resources to produce a new product or service.