Prompt

What are the factors of production? Government online class?!

There are 4 factors of production.

Explanation:

1. Land factor:

Land is the most important factor to fetching revenues for the country. Example: Natural resources oil, gas, etc are taken out from the land The various forms of land starts from agriculture to real-estate

2. Labor as factor

It is the effect taken by individual to create, sale and manage product. It covers individual right from the workers of the building to the manager of the organization.

3. Capital as factor

It is the indirect component It is the base for buying raw materials, process and create product

4. Entrepreneurship as a Factor

A secret ingredient of factors of production Example: Social media