answersLogoWhite

0

The four factors of production are land, labor, capital, and entrepreneurship. Land refers to Natural Resources like water, minerals, and agricultural land. Labor includes the physical and mental effort of individuals contributing to production. Capital encompasses man-made resources such as tools, machinery, and buildings. Entrepreneurship involves the innovation and organization of resources to create goods and services, exemplified by individuals like Steve Jobs or Elon Musk.

User Avatar

ProfBot

2mo ago

What else can I help you with?

Related Questions

What are the factors of production in an economic system?

The factors of production in an economic system describe functions the resources do. Economic resources are labor, land, enterprise, and capital.The government controls the factors of production in each economic system.


Income of the four factors of production?

The four factors of production earn the following income:Land earns rent.Labour earns wages.Capital earns interest.Entrepreneurship earns profit.Refer to "Factors of productions?" for the definition of each factor of production. This can be found at [ Factor_of_production]


What is the remuneration of each of of the four factors of production?

The remuneration of the four factors of production; land, labour, capital and enterprise are respectively, rent, wages, interest and profit.


List three factors that affect budget resource allocation decisions of managers provide appropriate examples for each of these three factors?

List three factors that affect budget resource allocation decisions of managers provide appropriate examples for each of these three factors?


How a production possibility curve depends on factors of production?

A production possibility curve depends on factors of production because they are all part of one big group. For example, if raw material does not arrive when needed, there can be no production. Each part of the production process depends on the step before it.


How each factors of production used to produce education?

Which factor used by produce education


State and explain the four factors of production giving one example in each case?

Factors of production are the basic inputs used in the production of goods and services. It includes land,labour,capital and entrepreneurship. By Lamptey Samuel Boafo


Name two parts of an ecosystem and give two examples of each part?

The two main parts of the ecosystem The biotic factors: all the living and once-living parts of the ecosystem; plants, animals, fungi... The abiotic factors: all the non-living factors in the ecosystem; temperature(air), rocks, water


Write a definition for each of the resources needed for production. Give some example?

Factors of production are as followsLandLabourCapital : capital are those already-produced durable goods that are used in production of goods or services. eg: machinesEnterprise


How many cans of heinz beans are produced each day?

Heinz does not publicly disclose the exact number of cans of beans produced each day. Production numbers can vary based on factors such as demand, seasonality, and production capacity.


What are the four factors of production and the payment that each receives?

The four factors and payments are: 1.land; rent 2.labour; wage 3.capital; intrest 4.enterpreneurship; profit


4 factors of production?

capital:man-made machines usedentrepreneurship:person that starts a businessland:all natural resources found in the landlabor:all human resources