BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Labor as a factor of production refers to the effort that individuals exert when they produce a good or service. For example, an artist producing a painting or an author writing a book. Labor itself includes all types of labor performed for an economic reward, such as mental and physical exertion.

Detailed explanation-2: -Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-3: -Factors of production often include land, labor, capital goods and entrepreneurship. Entrepreneurship is a factor of production that can involve all other factors, and is typically considered vital for boosting economies.

Detailed explanation-4: -Livestock as capital investment Livestock are capital assets (see Box 1). The family flock or herd is a capital stock, or endowment, resulting from past productive activity, which will increase household income above that derived from the inputs of land and labour.