Answer:
One example of a business that combines the factors of production (land, labor, capital, entrepreneurship, and technology) to create value is a solar energy installation company.
Land: The company identifies suitable locations, such as rooftops or open areas, where solar panels can be installed to harness solar energy effectively.
Labor: The company employs a skilled workforce consisting of engineers, technicians, and installation professionals who design, install, and maintain solar energy systems.
Capital: The business requires capital to purchase solar panels, mounting structures, electrical components, and other equipment necessary for installation. It may also need funds for marketing, research, and development.
Entrepreneurship: The entrepreneur brings together the various elements of the business—identifying opportunities, securing financing, managing operations, and overseeing growth strategies.
Technology: The company utilizes advanced technology in solar panels, inverters, and monitoring systems. It stays updated with the latest advancements and employs innovative techniques to improve energy efficiency and performance.
By combining these factors, the solar energy installation company adds value by providing environmentally-friendly and sustainable energy solutions to residential, commercial, and industrial customers. This helps reduce their dependence on traditional energy sources, lowers their carbon footprint, and provides long-term cost savings.