Final answer:
The factors of production are land, labor, capital, and entrepreneurship, representing natural resources, human effort, man-made production tools, and the innovative individuals who manage businesses, respectively.
Step-by-step explanation:
The factors of production include the resources needed to create goods and services, categorized traditionally as: land, labor, capital, and entrepreneurship. Land refers to the natural resources used in production, while labor represents human effort, both physical and mental.
Capital encompasses man-made items such as machinery and tools, which facilitate production. Lastly, entrepreneurship is about the individuals who bring together the other three factors, take risks, and innovate to start and manage businesses.
Matching the resources with the factors of production:
- 1) Land - Natural resources
- 2) Capital - Man-made items like machinery
- 3) Labor - Human work effort
- 4) Entrepreneurship - Individuals who innovate and manage