Factors of production

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FACTORS OF PRODUCTION

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FACTORS OF PRODUCTION are those resources needed to produce goods and services. There are FOUR factors:

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Land Labour Capital Enterprise.

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LAND refers to all natural resources found on the earth. Examples: Space to construct a building, wood, water, fish, crude oil, minerals, metals, etc

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LABOUR means the physical and mental effort of people in the production of goods or services Examples: Designers, engineers, doctors, teachers, technicians, computer operators, etc.

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CAPITAL refers to all non-natural resources that are used in production Examples: Money, buildings, machines, furniture, computer, vehicles, etc. .

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ENTERPRISE also known as entrepreneurship refers to the management, organization and planning of the other three factors of production Examples: Chief Executive Officer [CEO], Principal, Section Coordinator, Senior Managers, etc.