BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The fourth factor of production is entrepreneurship. An entrepreneur is a person who combines the other factors of production-land, labor, and capital-to earn a profit.

Detailed explanation-2: -Entrepreneurship as a factor of production is a combination of the other three factors. Entrepreneurs use land, labor, and capital in order to produce a good or service for consumers. Entrepreneurship is involved with establishing innovative ideas and putting that into action by planning and organizing production.

Detailed explanation-3: -Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit. These include any resource needed for the creation of a good or service. The factors of production are land, labor, capital, and entrepreneurship.

Detailed explanation-4: -Factors of Production – Entrepreneur. There are four main factors of production. Land, Labour, and Capital are the main factors of production. The entrepreneur is the one that combines these factors in the correct proportion and mobilizes them.

Detailed explanation-5: -Economists traditionally divide the factors of production into four categories: land, labor, capital, and entrepreneurship. Land refers to natural resources, labor refers to work effort, and capital is anything made that is used to make something else.