BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-2: -Economists define four factors of production: land, labor, capital and entrepreneurship.

Detailed explanation-3: -The four factors of production in economics include land, capital, labor, and entrepreneurship or enterprise. Modern economics considers time and information also part of these factors. These factors comprise various resources or inputs needed to generate outputs, measured by the gross domestic product.

Detailed explanation-4: -Resources are also called factors of production because they are used as inputs in the production process of goods and services. Resources are called inputs because they are utilized in the initial phase of the production.