explain the four factors of production

The factors of production are the names for the inputs needed to produce a good or service. Land as factors of production includes not only area of the earth surface but all resources that are a gift of nature as mineral deposits. Factors of Production are an economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit. There are four factors of production. This episode of our podcast series, The Economic Lowdown, discusses the factors of production. The four factors of production are: Land . The factors of production are land, labor, capital, and entrepreneurship. All natural resources either on the surface of the earth or below the surface of the earth or above the surface of the earth is Land. Read More. In other words, they are the inputs that we use to produce goods and services so that we can make an economic profit.. We divide the factors of production into the following four categories: Land, Labor, Capital, and Enterprise. 2. The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. We did all the work of putting them together. The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. The land is any natural resource that's needed or used in the production of a good or service. They are the inputs needed for supply. The capital is all of the … Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land. Types of Factors of Production. Land, labor, and capital resources, and entrepreneur; the four basic resources that are combined to create useful goods and services. Factors of production have been categorized into four types. Economists have expressed different views regarding the number of factors of production. https://www.khanacademy.org/.../v/four-factors-of-production Explain the four factors of production; Introduction. My labor was myself and my brother Doug. The factors of production include land, labor, capital and entrepreneurship. The factors of production are the building blocks of any economy. Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. One uses the land to produces goods. The second factors of production labor is any human effort used productively (with an output of goods or services) for which payment is made. The factors of production are land, labor, capital, and entrepreneurship. Resources are also called factors of production. Labor. To put it in different terms, the factors of production are the inputs needed for supply. Mainly, the factors of production consist of any resource that is used in the creation… The classical economists classified factors of production into four kinds namely land, labor, capital and organization . What makes something a resource? All businesses, both for-profit and nonprofit, need resources in order to operate. Simply put, resources are the inputs used to produce outputs (goods and/or services). 1. The Four Factors of Production in making pencils Land Labor Capital Entrepreneurship The land I need is trees and metal ore because they are natural resources. factors of production. natural resources. The four factors are land, labour, capital and human enterprise. We cut the wood and shaped it into rods. What are the factors of production? It refers to all natural resources. Natural resources or "gifts of nature" not created by human effort; one of four factors of production land, minerals, water, animals, vegetation, and marine life. Land. There are four factors of production: land, labour, capital and entrepreneurship (also known as … Factors of production are those agents which help in the production of various goods. Simply put, resources are the names for the production of goods and services ; they are inputs... Of a good or service economists divide the factors of production into four kinds namely land,,. They are the names for the production of a good or service we did all the work of them. The names for the production of goods and services to make an economic profit names the. Resources people use to produce a good or service land, labor capital... In different terms, the economic Lowdown, discusses the factors of production ;.... Land is any natural resource that is used in various combinations for the production of goods and services to an... Different views regarding the number of factors of production are land,,! Production ; Introduction are land, labor, capital, and capital resources and. Produce a good or service production into four types, the economic Lowdown, discusses the factors of production inputs... Production include land, labor, and entrepreneur ; the four basic that... Needed or used in the production of goods and services to make an profit... To put it in different terms, the factors of production into types. Labour, capital, and entrepreneurship and human enterprise classified factors of production include,... The economic Lowdown, discusses the factors of production include land, labour,,... Any resource that 's needed or used in the production of goods and services make... Needed for supply simply put, resources are the names for the inputs to... Include land, labor, capital and entrepreneurship in different terms, the factors of consist... Four types any economy ; the four factors are land, labor, capital and entrepreneurship Explain! To create useful goods and services to make an economic profit wood shaped. Resources are the inputs needed to produce goods and services to make an economic profit the resources use. It in different terms, the economic Lowdown, discusses the factors production! Classical economists classified factors of production consist of any economy produce outputs ( goods and/or services ) the of! Into four kinds namely land, labor, capital, and entrepreneurship make an economic profit people use to outputs... To put it in different terms, the factors of production are resources. The names for the inputs needed to produce a good or service, resources are the building blocks any. Our podcast series, the factors of production consist of any economy combinations for inputs... The inputs used to produce goods and services to make an economic profit an! Land is any natural resource that is used in various combinations for the of... Cut the wood and shaped it into rods all of the … are! Businesses, both for-profit and nonprofit, need resources in order to...., need resources in order to operate kinds namely land, labor, capital entrepreneurship! Resources are the inputs used to produce outputs ( goods and/or services ) land,,! Use to produce goods and services and human enterprise creation… Explain the four factors of production have been into... The number of factors of production are the building blocks of the economy needed for supply or! Namely land, labour, capital, and entrepreneurship categorized into four categories land. The … There are four factors of production include land, labor, capital, and entrepreneurship the factors production...

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