Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit.
These include any resource needed for the creation of a good or service.
The factors of production are land, labor, capital, and entrepreneurship.1
The state of technological progress can influence the total factors of production and account for any efficiencies not related to the four typical factors.
Land as a factor of production can mean agriculture and farming to the use of natural resources.
