Factors of Production. The factors of production are the inputs used in the production process to produce output.
- Land. A factor of production. Land is all the natural resources on the planet. Land includes oil, forests, soil, fish etc.
- Labour. A factor of production. Labour is the worker in the production process. Labour can be skilled or unskilled.
- Capital. A factor of production. Man-made aids used by labour in the production process. Capital includes machines, buildings, computers, telecommunications, roads etc.
- Enterprise. A factor of production. Risk-taking by an individual or group who combine the other factors of production in search of profit.