The factors of production are land, labor, capital, and entrepreneurship. 1) LAND 2) LABOUR 3) CAPITAL 4) ENTERPRISE In general terms, Factors of Produc:on are the “stuff” used to make “things”. Actually, it is labour which in cooperation with land makes production possible. Choices concerning what goods and services to produce are choices about an economy’s use of its factors of production , the resources available to it for the production of goods and services. This episode of our podcast series, The Economic Lowdown, discusses the factors of production. While knowledge is as old as humankind, it is only recently that it has been recognized as a factor of production. Create an account to start this course today In the modern economy, economists classified these factors into two categories. This implies that the factors of production should be used in combination, so that the production target can be achieved. The income derived from the ownership of this factor is known as economic rent. The factors of production are the names for the inputs needed to produce a good or service. The classical economists classified factors of production into four kinds namely land, labor, capital and organization . There are four factors of production: land, labour, capital and entrepreneurship (also known as … Factors of production are those agents which help in the production of various goods. The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. The first represents resources whose supply is low in relation to demand and cannot be increased as the result of production. Factors which are used to carry out the process of production are called factors of production. Land and labour are also known as primary factors of production as their supplies are determined more or less outside the economic system itself. To put it in different terms, the factors of production are the inputs needed for supply. Factors of Produc-on The scarce produc:ve resources of an economy can be placed into one of the four following headings. There are five factors of production: land, labour, capital, entrepreneurship, and knowledge. Explain the role of technology and entrepreneurs in the utilization of the economy’s factors of production. The productive factors are commonly classified into three groups: land, labour, and capital. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. The factors of production can be used as … They are land and labour, as capital is created by the application of labour on land and an entrepreneur is the human resource who performs and controls the business. What are the factors of production? The factors of production are the building blocks of any economy. The four factors are land, labour, capital and human enterprise. 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