The four factors of production, the essential inputs used to produce goods and services, are land, labor, capital, and entrepreneurship.
Land: This includes all natural resources, such as land itself, water, minerals, and forests.
Labor: This refers to the human effort, both physical and intellectual, required for production.
Capital: This encompasses man-made resources used in production, like tools, equipment, machinery, and factories.
Entrepreneurship: This is the innovative and organizational skill that combines the other three factors to produce goods and services, often involving risk-taking and the pursuit of profit.
