Land is a critical factor for production, especially in industries like agriculture where the availability of land and natural resources directly affects yield and profitability.
Labor transforms natural resources into products of value. Skilled labor maximizes the use of capital infrastructure, ensuring efficient production processes.
Capital encompasses all manufactured resources that help in the production process, such as machinery and technology, which enhance productivity and efficiency.
Entrepreneurship interweaves the other three factors, serving as the driving force that innovatively combines resources to create a viable product or service.
#factors-of-production #business-essentials #entrepreneurship #economic-resources #production-process
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