The four factors of production are land, labor, capital, and entrepreneurship

. These resources are essential for creating goods and services in an economy

• Land Encompasses natural resources like minerals, water, forests, and the land itself

. It is often considered a fixed factor due to its limited supply

• Labor Refers to the effort people put into producing goods and services, including their skills and time

. It is a variable factor that can be increased or decreased based on production needs

• Capital Includes physical assets like machinery, equipment, tools, buildings, and infrastructure used in production

• Entrepreneurship Involves organizing, coordinating, and taking risks in the production process. Entrepreneurs identify opportunities, allocate resources, make strategic decisions, and manage the uncertainties of starting and running a business