Factors of Production

This refers to the resources or inputs used to produce goods or services.

The factors of production are Land (including all natural resources extracted from the land to make the goods or their components), Labour, Capital (including assets, plant, machinery etc) and Entrepreneurship or Enterprise (turning an idea into a commercial proposition and bearing the risk of success/failure).

Factors of production

Factors of Production is a term normally found in economics and financial management; explore our learning resources to discover more. Explore our learning zone to discover more