Factors of Production

Date: Thursday, October 4, 2007
Time: 2:45 PM
Place: DeVry Testing Center

In economics we discussed the four factors of production. They are land, capital, labor, and entreprenuership. Land is obvious land and all the other natural resources such as oil, soil, etc.
Capital is all those things created by the business for operation. They include the buildings, staplers, etc. Labot is the employees and those who perform the work. Entreprenuership is knowledge and risk that combines the other three factors to create a profiatable business.
When I took Introduction to Buisness, there were five factors of production. They were land, capital, labor, entreprenuership and also knowledge. Entreprenuership dealt more with risk taking.