Answer:
Inputs used in the production process of goods and services
Explanation:
These factors of production includes land, labour, capital and entrepreneur.
Land: this refers to all natural factors of production used In the production of goods and services. An example is water
Labour; labour is peoples contribution towards the production of goods and services. An example is a waiter who serves food in a restaurant.
Capital: capital is the tools, equipments used in the production of goods and services. Owners of capitals earn interest. An example is a tractor
The entrepreneur is one who combines all other factors of production for the sake of profit. Example is an innovator like bill gates
Answer:
Responses may vary but should include some or all of the following information: The factors of production are what a society uses to produce goods and services. This includes land, labor, capital, and entrepreneurship. Land includes all the natural resources people can use for business, such as soil, forests, water, and minerals. Labor is work done for pay, which is what a business’ employees do. Capital includes the things needed to produce goods and services. Capital can be broken into two parts: physical capital (buildings, machinery, tools, etc.) and human capital (skills, experience, knowledge, etc.). The entrepreneur is the factor of production that brings all of the other items together. Entrepreneurs are people who start businesses and bring products to market.
