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| Natural, human and man-made factors used in the production of goods and services |
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- Capital Goods - Tools, machinery and other man-made elements used to produce goods and services
- Entrepreneurship - Managerial skills and willingness to take risks in the production of goods and services
- Labor - Human physical and mental skills available to produce goods and services
- Land - Natural resources available for producing goods or delivering services
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| Reference |
Factors of production - Wikipedia, the free encyclopedia
"Factors of production are resources used in the production of goods and services in economics. Classical economics distinguishes between three factors: Land or natural resources - naturally-occurring goods such as soil and minerals that are used in the creation of products. The payment for land is rent. Labor - human effort used in production which also includes technical and marketing expertise. The payment for labor is a wage. Capital goods - human-made goods (or means of production) which are used in the production of other goods. These include machinery, tools and buildings. In a general sense, the payment for capital is called interest. ..." |
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