Answer:
Factors of production
Explanation:
The general name is factors of production. They are also the 'inputs' in the production process.
The factors of production are combined or put together for the productions of goods and services to happen. The four factors include land, which represents the natural resources in this case.
<u>Land</u> refers to the space used to set up a business, and fertile lands used for agriculture, minerals, oil and gas, forest, and other natural resources.
<u>Labor </u>is the human input in production. It involves workers' knowledge, skills, strength, and time spent on the production process.
<u>Capital </u>is the money and assets used to start and maintain the business operation. It includes plant and machinery, equipment, building, factories used in making products for sale.
<u>Know-how </u>refers to entrepreneurship. It is the skills, willingness, and ability to put together and manage the other factors to produce goods.
