What is meant by entrepreneurship as a factor of production
Asked by admin @ in Business viewed by 214 People
How does the economy use its factors of production (land, labor, capital, and entrepreneurship) to facilitate economic growth?
Answered by admin @
Here is the answer to the given question above. The factors of production include land, labor,capital and entrepreneurship and these four are considered as the building blocks of the economy. The first factor is land. This is where most of the resources are gathered especially the natural resources in order to produce goods and services. The second is labor. In other words, this is known as the manpower. This is the effort contributed in order to produce goods and services. Third is the capital. The capital includes the machineries and the tools that are used by the people for labor. And fourth is entrepreneurship. The entrepreneur is the person who has the ability to combine the three other factors in order to gain profit.
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