factors of production

• the factors of production are land, labour, capital and enterprise
• factors of production, land- Natural resources like land, water, forests, minerals, and oil used in production
• factor of production, Labour: The workforce involved in producing goods or providing services, including various occupations and skills for example, joiners, teachers and nurses.
• factors of production, Capital: Human-made resources such as machinery, tools, buildings, technology, and money used in production.
• factors of production,Enterprise: The willingness of an individual or organisation to come up with new ideas, try new things, take risks, spot business opportunities and undertake new ventures. The individual who does this is called an entrepreneur.
• weath creation - The factors of production can be combined to create wealth. This is the process by which value is added to a product at each stage of its production, for example in the building a house.