Question

What are the four factors of production

Answer 1

[AI-generated answer — Bot GPT 3.5]

1. Land: This includes all natural resources such as water, minerals, forests, and other raw materials.

2. Labor: The physical and mental effort put forth by individuals in the production process.
3. Capital: This includes tools, machinery, equipment, and other man-made resources used in the production process.
4. Entrepreneurship: The ability to create, organize, and manage a business, taking on the risks and uncertainties involved in the production process.