They are the resources necessary for the production of goods and services. There are four factors of production as follows:
a. Land: These includes all renewable and non-renewable resources (raw material)
including water (fish), forests, coal, oil and minerals.
b. Labour: The human resource required in the development of products e.g. for running machinery i.e. the employees of the business.
c. Capital: The finance (money) invested by the owner to start a business e.g. machinery & rent.
d. Enterprise / Entrepreneur: An organization or individual that takes risk to start a business by initial investment.
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