Factors of Production

Land

• Natural Resources
• Includes fertile land, coal, water, forests, cattle and etc.

Labor

• Labor is the effort a person or group of people devote to a task for which they are paid for

Capital

• There is two types of Capital Physical and Human
• Physical is manmade objects like machinery that used to create goods or services.
• Human Capital is the knowledge and skills a worker gains through education or experience.

Entrepreneurship/Entrepeneur's

• They are the leaders that combine all of the three other factors of production in order to create a business, develop new ideas or create new industries