What are factors of production? Provide an example of each of the four factors of production. Make sure your answer is written in complete sentences.

Inputs used in the production process of goods and services

Explanation:

These factors of production includes land, labour, capital and entrepreneur.

Land: this refers to all natural factors of production used In the production of goods and services. An example is water

Labour; labour is peoples contribution towards the production of goods and services. An example is a waiter who serves food in a restaurant.

Capital: capital is the tools, equipments used in the production of goods and services. Owners of capitals earn interest. An example is a tractor

The entrepreneur is one who combines all other factors of production for the sake of profit. Example is an innovator like bill gates

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