Question

What are factors of production? Provide an example of each of the four factors of production. Make sure your answer is written in complete sentences.

Answer 1

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