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10 March, 20:45

What are the factors of production? Give an example of each?

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  1. 10 March, 20:48
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    1) land / natural resources, example : water, oil, copper, natural gas, coal, and forests

    2) labor, examples:involves any human input. workforce's skills, education, and motivation.

    3) capital: examples of capital include hammers, forklifts, conveyor belts, computers, and delivery vans

    4) entrepreneurship, example: an example of entrepreneur is one who hires the other three factors, brings them together, organises and coordinates them so as to earn maximum profit
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