4 factors of production
natural resources, labor, capital, entrepreneurship
The four factors of production are:
1. Land: This includes all natural resources used in production, such as land, water, air, minerals, and any other resources that come from nature.
2. Labor: This refers to the physical and mental effort expended by workers in the production process. This includes the skills, knowledge, and experience that workers bring to their jobs.
3. Capital: This includes all the physical goods, tools, and equipment used in production, such as machines, buildings, computers, and vehicles.
4. Entrepreneurship: This is the ability to identify a need in the market and take the initiative to create a business to meet that need. It involves taking risks, making decisions, and managing resources to achieve a profitable outcome.
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