Factors of Production
Published on Jan 28, 2022
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Factors of Production
Leiloni Barrera
Land in factors of production are the natural resources used in production to make a good or service. Examples could be water, natural gas, oil, and more.
Photo by Mike Stezycki
Labor in factors of production are the work that people put in to create a good of service. An example would be a waitress or your teacher.
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Capital in factors of production are the physical tools and equipment that allow an increase in work productivity. More goods can be produced this way and allows land/labor to be bought.
Photo by Glenn Carstens-Peters
In factors of production, entrepreneurship is a combination of the other three factors, land labor, and capital. Entrepreneurs use those three factors to produce a good or service for consumers.
Photo by Greg Bulla
