Factors of Production

Land

• All natural resources used to produce goods and services.
• One example of land is Fertile-land because it needs nutrients to be capable of sustaining an abundant growth of plants.

Labor

• The effort that a person devotes to a task for which the person is paid.
• One example of labor is the people who work hard to get paid for the day.

Entreprenur

• Leaders who combine the land, labor, and capital together to make a good or service.
• One example of an entrepreneur is a farmer because he has to invest money into the products and machines they are using.

Physical capital

• Made objects used to create other goods and services
• One example is like whale watchers. They need boats to follow them and protect them from humans attacking them.

HumaN Capital

• The knowledge and skills a worker gains through eduation and expierence.
• One example is when a person starts working and gains knowledge and expierence to an extend to where they get a promotion.