NOTES

Ans.
The factors of production include land, labor, capital and entrepreneurship.
Land represents all natural resources, such as water, air,soil and minerals  , used in the production of a good.
Labor is all of the work that laborers and workers perform at all levels of an organization, except for the entrepreneur. It may also include technical and marketing expertise.
The capital is all of the tools, human- made goods and machinery used to produce a good or service.
The entrepreneur is the individual who takes an idea and attempts to make an economic profit from it by combining all other factors of production. The entrepreneur also takes on all of the risks and rewards of the business.