What It Means
The most important resources or factors of production in economics (with their respective factor rewards in parentheses) are: Land (rent); Labour (wages); Capital (interest); ….
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What are ‘Factors Of Production’. Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship. These production factors are also known as management, machines,
Land as a Factor of Production. It has miles of coastline, lots of oil, and a moderate climate. That’s an advantage over Canada. It has similar natural resources, but they are frozen for most of the year. Global warming is beginning to change that, making Canada one of the winners of climate change.
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All factors of production are traditionally classified in the following four groups: (i) Land: An entrepreneur is a person who organises the other factors and undertakes the risks and uncertainties involved in the production. He hires the other three factors, brings them together, organises and coordinates them so as to earn maximum profit
What if you had the first three factors of production but not the fourth, entrepreneurship? You can surmise that all four factors of production are required to create the outputs that would get you into the cake business—or any business.
Land: Land implies all types of natural resources used to create goods and services. In addition to …