The factors, of production are the resources that include land, labor, capital, and enterprise. Characteristics of Land The economic inputs used to make a profit are called factors of production. Factors Of Production- Inputs into the production of goods & services. LC Economics www.thebusinessguys.ie© Factors of Produc-on The scarce produc:ve resources of an economy can be placed into one of the four following headings. Labor’s contribution to an economy’s output of goods and services can be increased either by increasing the quantity of labor or by increasing human capital. These are the various factors by mean any resource is transformed into a more useful commodity or service. The four factors of production are one of the foundations of economic activity. The four factors of production are inputs used in various combinations for the production of goods and services to make an economic profit. 4 factors of production Land includes: a) Raw Materials b) Landscapes c) Geographical Location d) Ports 4. 1. Economic systems rely on certain inputs known as factors of production to operate efficiently. 2. a system in which decisions involving the production, distribution, and comsumption of … In this connection it is appropriate for us to know the meaning of the 4 factors of production. economic resources use in the production of goods; the four factors are natural resources, labor, capital, and entrepreneurship. They are the starting point of the production process. Factors of production are the resources the economy has available to produce goods and services. Definition: In economics, factors of production, as the name signifies are the inputs or say resources acquired by the firm to use them in the production of goods or services, so as to earn a profit. The factors of production are land, labor, capital, and entrepreneurship. They describe all the inputs or resources that are used in the production of goods and services. In economic terms factors of production can be defined as inputs that are used for the production of goods or services with the aim to make economic profit. 1) LAND 2) LABOUR 3) CAPITAL 4) ENTERPRISE In general terms, Factors of Produc:on are the “stuff” used to make “things”. 4 Factors Of Production. Factors of Production. Land: In Economics, land refers to all natural resources-like climate, rivers, oceans, forests, mountains and minerals etc. Factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. 3. Anything that helps in production is the factor of production. They are the inputs for the process of production. factors of production. Factors of Production Definition. E.g. This episode of our podcast series, The Economic Lowdown, discusses the factors of production. To put it in different terms, the factors of production are the inputs needed for supply. The word ‘production ‘ refers to a systematic process of converting the inputs, into finished products, which can be goods or services. traditional economy. Learn vocabulary, terms, and more with flashcards, games, and other study tools. The classical factors of production include land, labor, and capital. 2. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Production Process- An economic process of producing goods & services to satisfy human wants & to maximise profits. These inputs are the resources that businesses in a country use to create income and wealth. 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