Factors of production

Factors of production are the essential resources needed to produce goods and services. They include: 1. **Land**: Natural resources like minerals, forests, and water. 2. **Labor**: Human effort, skills, and time used in production. 3. **Capital**: Tools, machinery, and infrastructure that help in production. 4. **Entrepreneurship**: The ability to combine the other factors to create new products or services, often involving risk-taking. Together, these factors drive economic activity and influence how businesses operate and grow. Understanding them helps clarify how economies function and generate wealth.