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4 factors of production definition Bnb XRP aave Bonk coinbase futures litecoin futures cardano futures

What are the four factors of production?

This transcript discusses the four factors of production: land, labor, capital, and entrepreneurship. Land refers to natural resources, while labor is the work that goes into production. Capital is the tools and buildings used to produce things, and entrepreneurship is the know-how of putting it all together.

What is a factor of production in economics?

Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. What are some examples of land as a factor of production?

What is the fourth factor of production?

The fourth factor of production is entrepreneurship. Entrepreneurship, in our everyday language means putting things together so you're trying to create other things. When someone's an entrepreneur, you might imagine someone who's trying to start a business. In an economic context, it has a related idea.

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