What are the factors of production
The factors of production are resources used in the production of goods and services. The main factors of production are:
1. Land: This includes all natural resources such as water, minerals, forests, and fertile soil.
2. Labor: This represents the physical and mental effort people contribute to production.
3. Capital: This includes human-made tools, machinery, equipment, and buildings used in production.
4. Entrepreneurship: This refers to the skills and risk-taking abilities of individuals who organize and manage the other factors of production.
Together, these factors are used to create goods and services that satisfy the needs and wants of consumers.