Question

The five factors of production include land, _______, capital, entrepreneurship, and _______.

Answer 1

The five factors of production include land, labor, capital, entrepreneurship, and knowledge. Land is considered as the primary because these are the pre-existent resources readily available from nature however, nowadays, these are already bought and passed down from generations. Capital is the money used for the production which needs to be returned when one invests on something. Labor is the person’s inputs which is very valuable. Entrepreneurship is how the person transact according to how the people negotiate. And knowledge is one of human’s invaluable efforts of giving the ideas.