Question

Factors of production are grouped into four categories, which are _______. ______ is an example of ______.

Answer 1

 Factors of production are grouped into four categories, which are land, labor, capital and entrepreneurship. Land are natural resources, labor is the work for a paycheck (earns wages), capital denotes physical objects,like  buildings, plants, machinery or non-physical things like human skills,  knowledge and entrepreneurship stands for the ability to organize production, risk taker, ideas... A worker is an example of labor.