Factors of Production

The resources or inputs used

The resources or inputs used to produce goods and services are called factors of production. The four main factors are land, labour, capital, and entr

In economics

In economics, land means not only geographical land but also natural resources such as soil, forests, water, air, sunlight, minerals, oil, and natural

Labour is the physical and mental

Labour is the physical and mental effort used in production. Workers such as farmers, teachers, doctors, carpenters, and construction workers all cont

Human capital means the specialised skills

Human capital means the specialised skills, knowledge, abilities, and expertise that help a person do labour better. It is different from labour itsel

Education gives knowledge

Education gives knowledge, and training gives the required skills to do a particular job or activity. Both help build human capital.