![]() ![]() The value of the workforce depends on the skills, qualifications, and motivation of the employees. For example, labour production for a hotel may include construction workers at the hotel site, servers at the hotel's restaurant, and receptionists enrolling guests. Labour production is the effort spent on bringing a product or service to the market. Some additional examples of land production factors include: Similarly, farmland is a natural resource, but a shopping center is a capital good. For example, crude oil is a natural resource, but gasoline is a capital good. ![]() When you change a natural resource from its original state, they're no longer a natural resource. It can supply non-renewable resources, such as oil and gold, or create renewable ones, such as timber. Land is a natural resource that contains raw materials, such as soil. Here are explanations of each of the four production factors: Land The 4 factors of productionįactors of production are the elements that contribute to the production of goods and services. In this article, we explore each of the four factors of production, review their importance, examine economic systems, and answer frequently asked questions. Understanding how the four production factors affect a business can be a great asset when developing new business strategies or developing new products. Land, labour, capital, and entrepreneurship are the four production factors. ![]() A factor of production is the resource that a person uses to produce goods and services. ![]()
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