There are 4 main factors of production.
Land - land as a factor of production is any natural resource used to produce goods and services. Some common land resources are water, oil, copper, natural gas, coal, and forests.
Labor - Labor is the effort that people contribute to the production of goods and services. For example, the work done by the waiter who brings your food at a local restaurant or the engineer who designed the bus that transports you to school. If you have ever been paid for a job, you have contributed labor resources to the production of goods or services.
Capital - Capital is the machinery, tools, and buildings we use to produce goods and services. For example, hammers, forklifts, conveyer belts, and computers. Capital differs based on the worker and the type of work being done. For example, a doctor may use a stethoscope and an examination room to provide medical services. Your teacher may use textbooks, desks, and a whiteboard to produce education services.
Entrepreneurship - An entrepreneur is a person who combines the other factors of production - land, labor, and capital - to earn a profit. The most successful entrepreneurs are innovators who find new ways to produce goods and services or develop new goods and services to bring to market. Without the entrepreneur combining land, labor, and capital in new ways, many of the things we see around us would not exist. Entrepreneurs are a vital part of economic growth, helping to build some of the largest firms in the world as well as some of the small businesses in your neighborhood. Entrepreneurs thrive in economies where they have the freedom to start businesses and buy resources freely.