Capital labour land enterprise

2020-04-07 04:48

The foundation of an economy is built on the four factors of production: land, labor, capital and entrepreneurship. To understand how these factors apply to a business, consider the story of anJun 15, 2008 Best Answer: Land is like the Labour is people that provide physical and interlectual skills Capital is the goods needed to make the finished products for example: a pen or tractor Enterprise is combing all the other factors of production to create a business capital labour land enterprise

Mar 05, 2016 The four main factors of production are land, or the physical space and natural resources, labor, or the workers, capital, or the money and equipment, and entrepreneurship, or the ideas and drive, which are used together to make a successful attempt at selling a product or service according to traditional economic theory.

Nov 04, 2010  All factors of production like land, labour, capital and entrepreneur are required altogether at a time to produce a commodity. In economics, production means creation or an addition of utility. 4 Factors of Production In Economics Meaning In markets, entrepreneurs combine the other factors of production, land, labor, and capital, to make a profit. Often these entrepreneurs are seen as innovators, developing new ways to produce and new products. In a planned economy, central planners decide how land, labor, and capital should be used to provide for maximum benefit for all citizens. Just as with market entrepreneurs, the benefits maycapital labour land enterprise Jan 19, 2014 Capital is also known as capital goods and producer goods They are not wanted for their own sake but for what they can produce Consumer goods are wanted for the satisfaction they provide to their owners