The factors of production are the inputs used to produce a good or service in order to produce income. Economists define four factors of production: land, labor, capital and entrepreneurship. These ...

You need resources to produce goods and services. Relative to the needs and wants of businesses and people, however, the economic resources to produce them are finite, and therefore subject to ...

When economists say, “factors of production,” they refer to the four main building blocks of any good or service produced in an economy. The four factors of production are land, labour, capital, and ...

I will want to also add a few more phenomena to inform a new thinking around ‘Factors of Production’, and by extension, to help power up productivity, especially in Nigeria and Africa. This is because ...

THE principle of all economy consists in obtaining the relative maximum result from the least relative effort. This economic law should be sufficient in itself to combat and reject the present order ...

Factors of production are resources that are thought to be the basic building blocks of production in any economy. Land, labour, and capital are widely considered to be the three main factors of ...