Question

What are the factors of production in business?

Answer 1

There are four different categories or production in business, these are:
capital, labor, land and entrepreneurship.

Hope this helps.

Answer 2

The correct answer is: "Factors of production are 4: land, capital, labor and entrepeneurship".

• Land: natural resources such as minerals, energy sources, urban or countrysde soil, etc.
• Capital: also called physical capital, is the human-generated factor of production and it is consituted by goods which are used for the production of other goods: machines, tools, facilities, infraestructures, etc.
• Labor: phsyical and intelectual skills of the people employed in a production process.
• Entrepeneurship: organizational skills to coordinate the other three factors of production with the final aim of producing goods and services.