Factors of production
Factors of production
Land: All the renewable and non-renewable resources of nature. Eg coal, crude oil, timber
Labor: Manual and skilled labor which make up the workforce of the business.
Capital: Finance needed to set up a business and pay for its continuous operations. All man-made resources used in production eg computers, machines, factories, offices, vehicles.
Enterprise: The driving force provided by risk taking individuals that combines the factors of production into a unit that is capable of producing goods and services. It provides a managing, decision making and coordinating role.
